Overview
- Nationwide made another reduction to selected fixed products, trimming rates by up to 0.25 percentage points and pricing some fixes as low as 4.19%.
- Virgin Money followed with cuts of up to 0.20 percentage points across purchase, remortgage and shared‑ownership fixes, while Skipton cut a range of products by an average of about 0.18% and up to 0.40%.
- Brokers say the repricing is driven by falling swap rates after a calmer period in the Middle East and lower oil prices, and they expect further small reductions if swap rates hold.
- Experts stress the moves are cautious and competitive rather than broad rate falls, and they warn cuts could be reversed if inflationary pressures or funding costs change.
- Borrowers are advised to consider locking in a product now because fixed pricing is set off swap rates and many lenders allow you to secure a new deal up to six months before your current rate ends.