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Skipton, Nationwide and Virgin reduce mortgage rates

Mortgage interest rates are definitely coming down ahead of the next Bank of England interest rate review in August. Several more mortgage lenders have announced rates to come down this week, including Nationwide, Virgin Money, and Skipton Building Society.

Housing and interest rates will be a major part of any plans for the new Labour government following last week’s general election. This could be boosted further if the Bank of England reduces the mortgage interest rate to 5.0% on the 1st August.

Mortgage lenders have started to react already with wholesale reductions to their full range of residential and buy-to-let products. Rates are dropping by as much as 0.3% for many of the top high street and specialist mortgage lenders.

Mortgage lenders are already reacting early to a potential drop of 0.25% in the Bank of England base rate. The next review by the Monetary Policy Committee will take place on Thursday 1st August at 12 Noon and is widely expected to reduce the rate to 5.0% with the rate of inflation holding at 3.0% and following the general election result.

While the Labour Party don’t have any real sway in the decisions from the Bank of England, we understand that Sir Keir Starmer has been speaking with them. Labour would clearly welcome a reduction in the interest rate as a fresh start for its new era for change in the British economy.

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 New mortgage rates for Nationwide Building Society are to take effect from today (Tuesday 9th July) for new and existing customers. Mortgage interest rates will now start from as low as 4.18% and can reduce by as much as 0.30% across the range.

Top Nationwide mortgage deals

  • Remortgage: 2, 3, and 5 year fixed rates up to 90% LTV to drop by up to 0.30%
  • First Time Buyers: 2 and 3 year fixed rates up to 85% LTV to drop by up to 0.09%
  • Moving Home: 2,3, and 5 year fixed rates up to 85% LTV to drop by up to 0.20%

Most of the Nationwide mortgage products will be cut in the latest review of its full range of fixed and discount rate deals.

From today (Tuesday 9th July), Skipton Building Society is also set to reduce several of its main mortgage deals across its range of products.

Top Skipton mortgage deals

  • 2 year fixed rate purchase (60% LTV) now 4.99% (no fee) *was 5.32%
  • 5 year fixed rate remortgage (75% LTV) now 4.59% (£1,295 fee) *was 4.71%
  • 2 year fixed rate remortgage (60% LTV) now 4.99% (£495 fee) *was 5.19%

Mortgage provider reviews

Mortgage rates are dropping by as much as 0.30% across the whole range of products for most of the high street lenders. This could be a good time for mortgage borrowers to review their interest rates and see if they can save some money.

Top reasons to review your current mortgage:

If you need to review your existing mortgage or if you’re looking for a new mortgage then you can contact 0800 009 6559 or CLICK HERE for more information.

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