Nationwide UK Mortgage Rates Drop To 3.74%
In what is quickly becoming something like a UK mortgage rates price battle, lenders are firing rate reductions left, right, and centre. Paving the way for some very favourable mortgage opportunities for the remaining four months of 2024, leading into 2025. I have to say that, although I perhaps did not expect lenders to compete so ferociously, these rate reductions were predictable. Months and even years of high interest rates have plagued borrowers for such a long time now, and it was about time that lenders eased up and started supporting their customers by lowering rates. And like a house of cards, as soon as one falls the others will fall in suit. The most significant of these so far being from Barclays who now offer mortgage products at as low as 3.84%.
Barclays UK Mortgage Rates Cuts As Low As 3.84%
Until recent news from nationwide, Barclays were by far the front runners in the UK mortgage price battle, and are clearly paving the way for more reductions from other lenders leading into the end of 2024 and 2025. Last week Barclays announced that as part of its residential purchase range, the lender has reducing a number of rates, including a 5-year fixed rate mortgage with a product fee of £899 and a loan-to-value (LTV) ratio of 60%. The new rate has dropped from 4.04% to 3.84%. This is specifically for loans between £5,000 and £2m. So for those borrowers looking for a mortgage in London and looking for a large mortgage loan, this product could be perfect for you.
Also, a 2-year fixed rate mortgage with no product fee and a 60% LTV is on offer from Barclays at a reduced rate from 4.61% to 4.43%. They also offer another 2-year fixed rate mortgage with a £899 product fee and a 60% LTV, which has reduced from 4.42% to 4.22%. For borrowers looking to remortgage, Barclays have reduced the rate on its 5-year fixed rate mortgage with a £999 product fee and a 60% LTV from 4.26% to 4.06%. The 5-year fixed rate mortgage option that Barclays currently offers with a £999 product fee and a 75% LTV has reduced from 4.40% to 4.20%.
Barclays UK Mortgage Rates Up To 15% Deposit
For borrowers with lower deposits, Barclays has also added some new competitive rates to their catalogue, and I take my hat off to them for this. The fact that Barclays are actively identifying that borrowers with lower deposits are in need of more competitive products on the market is a step in the right direction. This week Barclays announced the following rate reductions:
Barclays’ EMC Reward 2-year fixed rate with £999 fee up to 85% loan-to-value (LTV) will decrease from 5.22% to 5.07%. In addition, its EMC Reward 2-year fixed rate with zero fee up to 85% LTV will decrease from 5.43% to 5.28%, while its EMC Reward 5-year fixed rate with £999 fee up to 85% LTV will decrease from 4.94% to 4.79%. Finally, Barclay’s EMC Reward 5-year fixed rate with zero fee up to 85% LTV will decrease from 5.03% to 4.88%.
Nationwide Mortgage Rate Cuts Up To 3.78%
Sensationally Nationwide announced yesterday that they would be offering mortgage products with rates as low as 3.78%, by far the lowest rate announced by a high-street lender in the last few months. That means that this rate from Nationwide stands a good 1% below a lot of other mortgage lender offerings, and making Nationwide a very tempting mortgage lender option for borrowers. Here are the specifics that were announced by the lender this week:
Nationwide now offers a mortgage rate of 3.78% available to any new and existing customers who are moving to a new home. For new customers moving home, there are rate reductions of up to 0.26% across 2-, 3-, 5- and 10-year fixed rate products up to 95% loan-to-value (LTV), including a 5-year fixed rate at 60% LTV with a £1,499 fee at 3.78% and a 2-year fixed rate at 60% LTV with a £999 fee at 4.15%. For existing customers moving home, there will also be reductions of up to 0.26% across 2-, 3-, 5-, and 10-year fixed rate products up to 95% LTV, including a 5-year fixed rate at 60% LTV with a £1,499 fee at 3.78%, a 5-year fixed rate at 60% LTV with a £999 fee at 3.83%, and a 2-year fixed rate at 60% LTV with a £999 fee at 4.15%.
Nationwide First Time Buyer Mortgage Rates Up To 3.99%
In Nationwide’s first-time buyer range, there will be reductions of up to 0.25% across 2-, 3-, 5- and 10-year fixed rate products up to 95% LTV. This includes a 5-year fixed rate at 60% LTV with a £1,499 fee at 3.99%, a 5-year fixed rate at 90% LTV with a £999 fee at 4.64% and a 2-year fixed rate at 60% LTV with no fee at 4.74%. Nationwide’s remortgage offering will also see reductions of up to 0.25% across 2-, 3-, 5- and 10-year fixed rate products up to 90% LTV, including a 5-year fixed rate at 60% LTV with a £999 fee at 3.99%, a 5-year fixed rate at 85% LTV with a £999 fee at 4.64% and a 3-year fixed rate at 75% LTV with no fee at 4.65%.
Nationwide is also reducing selected 2-, 3- and 5-year switcher rates up to 95% LTV by up to 0.25% with rates starting from 3.94%. Additional borrowing rates are being cut by up to 0.20% on 2-, 3- and 5-year fixed products up to 90% LTV, with rates starting from 3.94%.
Speak To A Mortgage Advisor
To make the most of these fantastic rate reductions, give our team at Oportfolio Mortgages a call today. We are here to help.
