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Large lenders have introduced further interest rate cuts across their fixed rate mortgage contracts.
Nationwide Building Society, NatWest and TSB have all cut interest rates on mortgage products, including higher LTV (loan-to-value ratio) mortgages aimed at buyers with smaller down payments.
The announcement comes shortly after Barclays and TSB cut mortgage rates, including 5% down payments, earlier this week.
Starting today, lenders are offering the lowest interest rates on the market to first-time buyers and move-up buyers who purchase a home with a 5% down payment.
A five-year fixed-rate deal would cost £999 and an interest rate of 5.04%, equating to £1,174 a month on a £200,000 mortgage repaid over 25 years.
Henry Jordan, director of housing at Nationwide Building Society, said: “This reduction ensures we can secure some of the most competitive interest rates in the market and is particularly focused on supporting first-time homebuyers in what remains a challenging environment.”
In another welcome change for small savers, NatWest bank has also announced a fixed interest rate cut of up to 0.19% on some of its 90% and 95% LTV products.
TSB also cut interest rates, but not in higher LTV categories and changed rates on deals requiring a minimum down payment of 15%.
TSB will also be slashing interest rates by up to 0.35% from today, benefiting first-time home buyers, home relocators and customers refinancing their mortgages.
TSB’s interest rates currently start at 3.79%, which is only slightly higher than the market rate of 3.77% currently offered by NatWest.
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