Last week, Barclays, Santander and HSBC cut prices for homeowners, with the latter making its second reduction since the Bank of England held the base rate at the end of June.
Seven days later, Nationwide is leading the pack with price drops of up to 0.3% on select new customer moving, first-time buyer (FTB) and remortgage fixed rates.
Across a range of terms from two, three and five years on the new customers moving home range, there are cuts of up to 0.2%. That applies to loan to values (LTVs) of 85%.
For a five-year fix at 60% LTV plus a £1,499 fee, there was a 0.16% cut on the deal, which is now priced at 4.18%. To finance 75% of your property with a £999 fee, a rate for the same length of time has gone down by 0.2% to 4.59%.
On the mutual’s FTB range, a slight cut of 0.09% was applied to its two- and three-year fixes up to 85% LTV.
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Elsewhere, if you are looking for a fixed remortgage deal on a two-, three- and five-year rate up to 90% LTV, rates have decreased by up to 0.3%.
A three-year fix at 75% LTV and a £999 fee is 4.77% and the three-year fixed rate at 60% LTV without a fee stands at 4.81%. A five-year rate at 80% LTV with a £1,499 fee is now 4.94%.
Virgin Money’s flurry of reductions
From today (9 July), rates across lower select exclusive purchase, remortgage and buy-to-let (BTL) deals with Virgin Money decreased by up to 0.22%.
Its exclusive remortgage range dropped by 0.12% to begin at 4.54% for selected five-year rates. On the select exclusive purchase side, a 90% LTV Fix and Switch rate slipped to 5.29% – down by 0.05%. This deal comes with a £1,495 fee.
For BTL Fix and Switch rates, there are reductions of up to 0.1%, with rates starting at 5.04% for customers. Further cuts on the BTL range see a fixed rate with a 1% fee going down by up to 0.12%, meaning offers on that range commence at 4.55%.
Meanwhile, Skipton Building Society announced prices for select purchase and remortgage customers will go down by 0.33% in some cases.
The reductions will hit deals worth between 60% and 75% LTV, with one offer at the lower LTV end (60%) going down to 4.99%. If you want to remortgage your property, there are decreases of 0.12% and 0.2% on its five- and two-year rates respectively.
The five-year option is for 75% LTV and comes with a £1,295 fee and fell by 0.12% to 4.59%, whereas the two-year choice at 60% LTV and a £495 fee dipped to 4.99% from 5.19%.
First Direct’s price decreases
Completing the quartet of cuts is First Direct, which slashed its rates for FTBs and homemovers. Its headline rate cut comes with its two-year fixed standard deal at 85% LTV, which fell by 0.17% to 4.99%.
The lowest rate on offer is its 60% LTV five-year fixed standard deal priced at 4.31% – for the two-year equivalent, prices start at 4.73%, and for three years, it is 4.64%.
These offers, which are only available online, are for homemovers and FTBs alike.
Liam O’Hara, head of mortgages at First Direct, said: “We see the highest demand for those products and today’s changes will help people make their first steps on the ladder, or those moving into their next home. We also remain focused on offering highly competitive options to our existing customers who are looking to remortgage.
“We have a range of flexible features available, designed to add value and support our customers. These include unlimited overpayments on all our mortgages, 40-year maximum terms and product booking fees capped at £490.”
