Nationwide will cut selected residential prices by up to 43 basis points, taking its lowest five-year fixed-rate loan to 4.43% from tomorrow (23 November).
The mutual’s reductions cover new business, switcher, additional borrowing, existing customers moving home and tracker products.
Highlights among its cuts are five-year fixes for new borrowers at 60% loan to value, with a £999 fee, at 4.43%, below the 4.50% level for a home loan.
Two-year fixes for new borrowers at 60% LTV, with a £999 fee, are 4.79%.
Five-year remortgage fixes for new borrowers between 60% LTV and 75% LTV, with a £999 fee, are 4.84%.
While two-year remortgage fixes for new borrowers between 60% LTV and 75% LTV, with a £999 fee, are 5.12%.
John Charol mortgage technical manager Nicholas Mendes says: “Nationwide is the first lender to have breached 4.50%, which is a significant milestone given where rates have been over the past year.
“Five-year fixed-rate loans at 60% LTV with a £999 fee is 4.43% for purchases will surly be an incentive from lenders to give one final repricing hurrah before the end of the year.
“The move comes at a time where swaps have settled and markets are pricing in a lower bank rate in 2024 and proceeding years.
“Who would have imagined it would be nationwide causing a stir in the property market rather than the Chancellor following the Autumn Statement.”
