This week Nationwide and Santander have announced adjustments to their residential mortgage rates, slated to take effect from today. These rate adjustments aim to cater to evolving consumer demands and market conditions, but the raising of rates seen is certainly ruffling some feathers in the mortgage market.
Nationwide’s Rate Adjustments
Nationwide, a prominent player in the mortgage industry, has revealed its decision to increase selected fixed and tracker rates by up to 0.25% after several months of rate reductions. This change applies to various aspects of its offerings, including new business, existing customer products, switcher deals, and additional borrowing options.
In light of these impending modifications, Nationwide has issued a notice to brokers, urging them to take advantage of current switcher rates by submitting cancellation requests for existing applications before 5 pm today. Furthermore, reservations for existing products must be made by 8pm today to secure the current rates.
Clydesdale’s Countermove
In contrast, Clydesdale has opted to counterbalance the market shift by announcing reductions in residential mortgage rates. The bank is set to introduce exclusive deals and lower home loan offers, including interest-only options for specific loan-to-value ratios and fixed-rate reductions for selected purchase and remortgage products.
Additionally, Clydesdale is making adjustments to its professional products, reducing rates for selected professional and newly-qualified professional fixes by up to 60%. However, some offers, including selected residential fixes, are subject to withdrawal or rate increases, effective from 8pm today.
Santander’s Strategic Moves
Meanwhile, Santander for Intermediaries is making strategic adjustments to its fixed-rate residential remortgages and landlord loans. The bank plans to reduce selected rates by up to 0.16%, providing relief to potential borrowers. However, certain product transfer deals are poised to see rate increases of up to 0.17%.
Highlights of Santander’s changes include reductions in standard residential fixes for remortgages and all buy-to-let fixed rates, alongside adjustments in selected residential fixed rates for product transfers. Importantly, the lender has extended new business and product transfer completion deadlines by one month.
Speak To a Mortgage Broker in 2024 For Advice and Guidance
In a market characterized by flux, these rate adjustments from Nationwide, Clydesdale, and Santander underscore the necessity for borrowers to stay informed and seize opportunities that align with their financial goals. As mortgage dynamics continue to evolve, proactive engagement remains paramount for both lenders and borrowers alike. The best way to stand a chance in this ever evolving market is to speak with a mortgage broker like ourselves. Our job is to help you to get the most competitive deal possible and to help you to secure a deal that is manageable for you. Call or email us today to arrange a fee free initial mortgage consultation.
