Falling swap rates prompt widespread reductions as lenders vie for market share
Nationwide Building Society and five other lenders have reduced mortgage rates, responding to falling swap rates and intensifying competition across the UK mortgage market.
Nationwide has slashed rates by up to 0.29% across its switcher and remortgage offerings, including two-, three-, and five-year fixed and two-year tracker products. The lender’s lowest remortgage and switcher rates now start at 3.94% for 60% loan-to-value (LTV) products. The reductions follow earlier cuts to first-time buyer and home mover rates.
Clydesdale Bank has also made reductions of up to 0.31% across various residential and buy-to-let products. The largest cuts apply to residential mortgages between 65%-90% LTV, while buy-to-let rates at 60% LTV were reduced by up to 0.15%. The bank also lowered the minimum loan size for professional and newly qualified professional products to £80,000.
Elsewhere, Principality Building Society trimmed rates across its five-year fixed rate products, including cashback options and joint borrower sole proprietor (JBSP) deals. Residential rates fell by up to 0.08%, while buy-to-let and holiday let products saw cuts of up to 0.16%.
Digital lender Atom bank has also decreased rates on its Near Prime range by as much as 0.35%, with five-year fixed rates starting at 5.24%. The bank also reaffirmed its commitment to underserved borrowers by maintaining enhanced criteria and a 90% LTV cap on Near Prime products.
Another digital lender, MPowered Mortgages, has responded to recent swap rate declines with rate reductions across its fixed mortgage range. Two-year fixed rates now start at 3.99% at 60% LTV with a £999 fee, while three- and five-year rates begin at 3.92% and 4.09% respectively.
Meanwhile, Family Building Society has rolled out new five-year fixed and two-year interest-only owner occupier products with rate reductions of up to 0.15%. It also cut its expat buy-to-let five-year fixed rate by 0.20% and introduced new JBSP products up to 90% LTV. These come with no application or product fees for a limited time.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
