Home loan rates further reduced nationwide by Nationwide, joined by three additional banks in price decreases for mortgages.

Here's the Rewritten Version:

Britain's building society slashes mortgage rates once more, offering competitive deals for homebuyers

It's great news for those in the housing market as Britain's biggest building society, Nationwide, has chopped its mortgage rates by up to 0.3 percentage points for the second time in two weeks! This move includes new best-buy options for home movers.

From two, three, five, and ten-year fixed rate mortgages to two-year tracker products, Nationwide has repriced several offerings. Halifax, TSB, and Virgin Money are following suit, lowering their rates by up to 0.2 percentage points.

This exciting news comes ahead of the upcoming Bank of England interest rate decision tomorrow. The Bank is anticipated to reduce the bank rate from 4.5% to 4.25%.

Nationwide's reduced rates apply to both new and existing customers. Ken James, director at broker Contractor Mortgage Services, expressed his enthusiasm for the current market conditions. He stated, "The current flurry of cuts have started to re-ignite the market and business is certainly starting to pick up momentum."

Let's take a look at Nationwide's new rates for home movers:

For new and existing borrowers, rates start from a market-leading 3.84% if they fix for two or five years, though this comes with a £1,495 fee.
A lower £999 fee option is available with a 3.89% rate. Santander currently offers the same rate and fee.

First-time buyers can also benefit from Nationwide's lower rates. For instance, the lowest first-time buyer rate is 3.94%, available on a two-year fixed rate product for those buying with at least a 40% deposit, charging a £1,499 fee. If you prefer a lower fee, there's a £999 option charging 3.99%.

First-time buyers with smaller deposits can enjoy reduced rates as well. For example, for those buying with just a 5% deposit, Nationwide offers a five-year fix at a rate of 4.79% with a £999 fee. Stretching the term to 30 years reduces the monthly payment to £1,049.

As we await the Bank of England's interest rate decision tomorrow, many experts expect further mortgage rate cuts in the coming weeks. Ranald Mitchell, director at Charwin Mortgages, explained, "Nationwide haven't just trimmed rates, they've taken a sledgehammer to them, with cuts of up to 0.3%."

He continued, "This is more fantastic news for borrowers, especially as these cuts affect a wide range of the market. If the Bank of England cuts the base rate, as expected on Thursday, we'll likely see further cuts in the weeks ahead."

So, should you wait for even lower rates, or grab the current deals while they last? That's a decision for each borrower to make depending on their individual circumstances. Regardless, it's an undeniably exciting time for those in the market for a mortgage!

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Nationwide's New Mortgage Rates

Here's a summary of Nationwide's new mortgage rates for moving home:

A two or five-year fixed rate starts from 3.84% with a £1,495 fee (or 3.89% with a £999 fee, matching Santander's offer).
A 4.19% two-year fix for home movers with a 15% deposit, along with a £999 fee.
A first-time buyer's 3.94% two-year fixed rate, available for those buying with at least a 40% deposit, for £1,499, and a lower £999 fee option charging 3.99%.
For first-time buyers with a 5% deposit, a five-year fix at 4.79% with a £999 fee, translating to a monthly payment of £1,145 if the term is 30 years.

Remember you can compare rates and fees using This is Money's true cost mortgage calculator to find the cheapest deal that suits your needs.

Mortgage rates are falling: Should you hold out for a cheaper deal?**

Following Nationwide's mortgage rate reduction, other building societies such as Halifax, TSB, and Virgin Money have adjusted their rates by up to 0.2 percentage points.
The lowered mortgage rates, including competitive deals for two, three, five, and ten-year fixed rate mortgages, could potentially attract more homebuyers to the market.
With personal finance bloggers and experts anticipating further mortgage rate cuts in the coming weeks, interested buyers may be torn between waiting for even lower rates or securing the current deals.
For those investing in property, this surge in competitive mortgage rates could present an opportune moment for remortgaging, especially considering the increasingly profitable state of the property market.
Businesses offering technology solutions, education, self-development, entertainment, general news, and personal-finance advice might see an uptick in visitors as homebuyers and investors seek information on the current market conditions.
As the housing market revives, more individuals may be inspired to explore investments in real estate, leading to increased interest in business loans and financial services catering to the property sector.
With a plethora of mortgage options now available at lower rates, potential home buyers and investors can exercise caution and compare fees with tools like This is Money's true cost mortgage calculator to ensure they find the most affordable deal that matches their financial goals.
In light of Nationwide's decision, we see a trend of mainstream building societies competing to offer lower rates and attractive deals, creating a dynamic, competitive landscape for homebuyers and investors alike.

Home loan rates further reduced nationwide by Nationwide, joined by three additional banks in price decreases for mortgages.