Nationwide, TSB and HSBC have all announced cuts to fixed rate mortgage products.
Nationwide Building Society is reducing rates on its fixed mortgage products by up to 0.55 percentage points. The new rates will be effective from today (9 August).
Two, three and five-year fixed products for first-time buyers up to 95% LTV will be reduced by up to 0.55%. Home-movers will see reductions of up to 0.45% and remortgagers up to 0.35%.
However, rates on the society’s range of two-year trackers will increase by 0.25% in line with the product terms given the recent bank rate rise.
Nationwide Building Society director of home Henry Jordan, said:
“These latest changes build on the reductions we made last week for existing customers. With swap rates having fallen from their early July peak and stabilised somewhat, we are now able to reduce rates for new customers.”
HSBC said it will be making reductions to the interest rates on several two, three and five-year fixed rate mortgages from today (9 August).
TSB is cutting rates on some of its five-year fixed rate products, also from today, some by up to 0.4%. It says its cheapest five-year rate will be 5.44%.
But despite the cuts, mortgage costs still remain high. According to Moneyfacts, the average two-year rate is at 6.84%, largely unchanged from 6.83%, two weeks ago.
