23 August: Virgin Money Also Trims Rates, Adds Deals
Nationwide building society, the UK’s second biggest mortgage lender, has cut interest rates on fixed rate deals for new and existing customers by up to 0.4 percentage points, writes Jo Thornhill.
The new rates are the lender’s second rate cut in two weeks. They include a five-year fixed rate for remortgage customers at 5.49% with a £999 fee (60% LTV). This deal has been cut by 0.15 percentage points, putting it among the market-leading five-year fixed rates.
Average five-year fixed rates have fallen by 0.13 percentage points since Tuesday last week (15 August) according to data from our mortgage partner, Better. It shows that the average five-year fix is now 5.66%.
Among Nationwide’s other rate cuts there is:
- Five-year fee-free fixed rate for home movers at 5.39% (60% LTV) – reduced by 0.4 percentage points
- Two-year fixed rate for first-time buyers with a 25% deposit at 6.04% and a £999 fee – reduced by 0.1 percentage points
- Selected product transfer deals for remortgage and home moves for existing Nationwide customers reduced by up to 0.4 percentage points.