Overview

• Nationwide will cut rates on two-, three- and five-year fixed mortgages by up to 0.21 percentage points from July 30, lowering its cheapest deal to 3.74 per cent.
• Carlo Pileggi said these cuts move more of Nationwide’s offerings below 4 per cent to appeal to first-time buyers, home movers and remortgagers.
• Brokers like Shaun Sturgess view the timing as a strategic effort to grab market share ahead of the Bank of England’s August 7 base rate meeting.
• The move extends a trend among UK lenders that have been cutting and occasionally raising fixed rates since early 2024 in response to swap rate shifts and central bank guidance.
• Rivals such as Santander, Barclays and NatWest have also reshaped fixed-rate lineups in recent days, intensifying competition for sub-4 per cent deals.