Mortgage Rates Cut by Nationwide Following Bank of England’s Decision to Pause Hikes
The UK’s largest building society, Nationwide, has announced a cut in mortgage rates, just hours after the Bank of England decided to pause interest rate hikes. This move is expected to have a ripple effect, with other lenders likely to follow suit.
The Bank of England’s decision to hold interest rates at 5.25% has been seen as a positive move, and Nationwide’s rate cut is a direct response to this. The building society has reduced its rates by 0.31 percentage points, offering deals below 5% for new customers at up to 75% loan-to-value and for customers moving house at up to 85% loan-to-value.
Mortgage rates are on the decline
Industry experts are optimistic about the impact of this move. Elliott Culley, director of Switch Mortgage Finance, believes that rates will continue to fall and will look even better by the start of October. Riz Malik, director of R3 Mortgages, expects other lenders to follow Nationwide’s lead, making it a competitive market for borrowers.
A New Era for Mortgage Borrowers?
The mortgage market has been experiencing a period of uncertainty, but this move by Nationwide could signal a shift towards more affordable borrowing. With rates starting with a 4, it’s an exciting time for those looking to get on the property ladder or remortgage.
Mortgage applications are expected to rise
As the market continues to evolve, it’s essential for borrowers to stay informed and take advantage of the best deals available. With Nationwide leading the way, it will be interesting to see how other lenders respond in the coming days.
What’s Next for Mortgage Rates?
The Bank of England’s decision to pause interest rate hikes has created a sense of stability in the market. As lenders like Nationwide respond with rate cuts, it’s clear that the mortgage market is entering a new phase. Borrowers can expect more competitive deals, and it’s essential to stay up-to-date with the latest developments.
Mortgage rates are on the decline
Stay tuned for more updates on the mortgage market, and get ready to take advantage of the best deals available.
