Nationwide has reduced rates on certain two-year tracker products by 0.25% and Virgin Money has also raised rates on several of its fixed rate offerings
Nationwide and Virgin Money have both announced rate hikes across a range of fixed rate mortgage products.
Nationwide has raised rates on select two-, three-, and five-year fixed mortgage products by up to 20 bps. For FTBs, the lender’s two-year fixed rates now start at 4.29% at 60% LTV, while three-year rates begin at 4.19% at the same LTV.
The lowest five-year fixed rate for new borrowers is now 4.14% at 60% LTV. Nationwide has also adjusted rates for home movers, remortgagers, and existing customers looking to switch rates or borrow more, with the cheapest option being a five-year fix at 4.09%.
As part of its latest rate adjustments, the lender has lowered rates on some products, including a reduction of up to 11 basis points on select 10-year fixed rates and up to 15 basis points on higher loan-to-value two-year fixed rates. The lender’s 10-year fixed rates now start from 4.49% at 60% LTV.
Nationwide – one of the UK’s largest mortgage lenders – has also reduced rates on certain two-year tracker products by 0.25%, aligning with the recent BoE base rate cut.
Virgin Money, which was acquired by Nationwide last month, has also raised rates on several of its fixed rate offerings.
Select two- and five-year purchase rates have gone up by as much as 15 basis points, starting from 4.29%. Rates for its Shared Ownership and Retrofit Boost products also saw increases, with Retrofit Boost rates now beginning at 4.64%. For higher-value loans over £1 million, Virgin Money increased rates by up to 20 basis points, starting at 4.44%.
In the BTL segment, Virgin Money also raised rates by up to 20 basis points on two- and five-year fixed products, with some options starting as low as 3.67% with a 3% fee. Select product transfer rates also rose by up to 25 basis points, with the lowest new rate starting at 4.19%.