Nationwide lowers mortgage rates almost immediately after BoE rate hike
Nationwide for Intermediaries announced that it is reducing the price of many of its mortgages almost immediately after the Bank of England's latest base rate rise.
The UK's largest building society is reducing selected fixed and tracker rates by up to 0.45%. It will also reduce selected rates across its Switcher and Additional Borrowing range by up to 0.25%.
It is unusual for a lender to announce rate reductions so soon after the Bank of England has pushed up the cost of borrowing.
Aaron Strutt, product director at Trinity Financial, says: "Over the last week we have seen other lenders, including Halifax, Santander, HSBC, Virgin Money and Leeds Building Society, lower rates.
"The mortgage and property markets have slowed in recent months, and the lenders know they can help to attract buyers and borrowers by offering cheaper fixed rates. The lenders use different funding methods to price their mortgages, and thankfully they are not reliant on the Bank of England. "
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