Nationwide and Virgin Money cut fixed mortgage rates a day before the Bank of England decision
Nationwide's lowest fixed rate is now 4.89% after cuts of up to 0.15% from Wednesday 4 November, while some of its tracker deals go up.
Nationwide is cutting rates on a wide range of its two, three and five-year fixed mortgages from today, Wednesday 4 November. Its lowest fixed rate falls to 4.89%.
The size of the cut depends on who is borrowing:
- First-time buyers get reductions of up to 0.15%, on deals up to 95% loan to value
- Home movers, new and existing, get up to 0.13%, also up to 95% loan to value
- People remortgaging get up to 0.12%, on deals up to 75% loan to value
Among the new rates, a two-year fix for first-time buyers at 85% loan to value with no fee is now 5.48%. A two-year fix at 60% with a £999 fee is 5.06%.
Not every rate is going down. Nationwide is raising a small number of two-year trackers at 80% loan to value and above by up to 0.1%.
Virgin Money, which Nationwide owns, is also trimming its fixed rates. Two-year fixes for buyers fall by up to 0.12% and five-year fixes by up to 0.13%. Shared ownership deals come down by up to 0.1%, and remortgage customers see cuts of up to 0.17%.
The changes come the day before the Bank of England's Monetary Policy Committee announces its next decision on Bank Rate, which currently stands at 3.75%. That announcement is due on Thursday 5 November.
