Specialist lenders LendInvest and Molo also implement rate reductions on select products
Nationwide and Halifax, two of the UK’s largest lenders, have announced mortgage rate reductions across a range of fixed rate products.
Nationwide will cut rates by up to 0.25 percentage points on select two-, three-, and five-year fixed rate mortgages for both first-time buyers and home movers. The changes, effective from today, April 23, mean the building society’s lowest rate now stands at 3.89%, available on both two- and five-year fixed products for customers moving home.
For movers, reductions apply across products up to 95% loan-to-value (LTV). For example, the two-year fix at 60% LTV with a £1,499 fee is now 3.89%, down by 0.25%, while the five-year fix at 60% LTV with a £999 fee is now 3.94%, reduced by 0.13%. The two-year fix at 85% LTV with a £999 fee has dropped to 4.40%, a reduction of 0.09%. First-time buyer rates are also down by as much as 0.24%, with a two-year fix at 60% LTV now available at 4.09% with a £1,499 fee.
“These latest cuts should put Nationwide firmly on the radar for first-time buyers and home movers as we continue to be one of the most competitively priced lenders in the market,” said Henry Jordan, director of home at Nationwide Building Society.
Meanwhile, Halifax has also reduced pricing across its homebuyer and remortgage products. Its two-year fixed rate at 60% LTV with a £999 fee has been cut by 0.12% to 3.94%. Five-year fixed rates at 80% LTV have also seen reductions of 0.21%, now starting from 4.38% with no fee and 4.27% with a £999 fee.
In addition, Halifax has lowered its two-year fix at 90% and 95% LTV with no fee by 0.19%, now beginning at 5.15%.
In the specialist lending space, fintech lender LendInvest Mortgages has announced reductions of 15 basis points (bps) across its two-year fixed residential range, and 10bps on its five-year fixed offerings. These changes follow a recent revamp of its credit criteria to better accommodate a wider range of borrower profiles.
Molo, a digital buy-to-let lender, has also lowered rates on its UK resident BTL products by up to 20bps. Two-year fixed BTL mortgages now start from 2.83%, while five-year options begin at 4.54%, available to both individuals and limited companies. Rates for specialist BTL, non-UK residents, and expat borrowers remain unchanged.
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