The offers will only be available today
Nationwide has issued a 24 hour warning to anybody with an account. The bank has announced that it is reducing selected fixed and tracker products by up to 0.15% today, Friday, September 1.
This includes rates across the New Business, Switcher, Additional Borrowing and Existing Customers Moving Home range. As Birmingham Live reports, Lewis Shaw, owner and Mortgage Expert at Shaw Financial Services, said: "This is another step in the right direction as mortgage rates continue to fall, although we must be mindful that this could be a short-lived reprieve if the Bank of England continues to increase the base rate next month.
"We've seen several changes in lending policy, such as lenders opting to allow longer terms and expanding the types of income they will allow, which all point to lenders trying to be more flexible as their lending volumes decrease and they seek to get more new business on the books.
"There seem to be a lot of lenders reducing their rates at present. I expect this trend to continue and most will be hoping it is the start of a price war. The next set of inflation data will be a big factor in whether rates will continue to go down," said Ashley Thomas, director at Magni Finance. Justin Moy, MD at EHF Mortgages, said: "Another 'nibble' at Nationwide's fixed rate range. This is a welcome response to the wider market competition and lenders reacting to better market conditions. Interestingly, this includes some of their tracker range as other lenders have just tinkered with their fixed rates, so it definitely seems to have something for everyone. Another step in the right direction.
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