Santander, Nottingham Building Society, and Nationwide have announced significant reductions in mortgage rates, signalling a fierce battle for borrowers as lenders adjust their offerings amidst a busy market shift.
Santander and Nottingham Building Society have joined a growing list of lenders trimming mortgage pricing, with both making cuts across several fixed-rate ranges. Santander said it will lower most residential and buy-to-let fixed rates on both its new-business and product-transfer books, with reductions of as much as 0.13 percentage points on selected residential deals and up to 0.10 points on some buy-to-let fixes. Nottingham is also reducing prices by up to 0.15 points across new business and retention products, covering residential, standard, retirement interest-only, limited company buy-to-let, foreign national and life-happens lending. The moves came after Nationwide said earlier in the day that it would cut selected fixed rates by up to 0.15 points, with its lowest rate starting at 4.48%.
Elsewhere, Foundation said it will withdraw most of its residential products on 19 August before replacing them the following day. The lender also said its F4 credit tier products will be removed as part of wider criteria changes and will not return. The changes add to a busy run of repricing across the market as lenders adjust both rates and product availability.
Kent Reliance has also moved to personalised pricing across its product-transfer ranges for residential and buy-to-let borrowers. The lender said rates will be set after reviewing a customer’s account and circumstances, with no underwriting assessment required and no product-fee options available. Precise has launched a similar product-transfer process, offering tailored rates across its existing loan book based on loan-specific factors.
The latest round of updates follows a series of rate reductions from major and specialist lenders in recent days. Mortgage brokers have been watching closely for signs that competition is spilling into both new business and retention pricing, especially after Nationwide’s latest cuts and Santander’s earlier reductions on some residential purchase and remortgage deals.
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