Nationwide announces change starting today that affects anybody with an account

dailyrecord.co.uk:

Nationwide has announced that it will be reducing its selected fixed and tracker products by up to 0.15 per cent today.The bank has confirmed that this includes rates from across the Switcher, New Business, Additional Borrowing and Existing Customers Moving Home range, reports Birmingham Live.Lewis Shaw, owner and mortgage expert at Shaw Financial Services, said: "This is another step in the right direction as mortgage rates continue to fall, although we must be mindful that this could be a short-lived reprieve if the Bank of England continues to increase the base rate next month."We've seen several changes in lending policy, such as lenders opting to allow longer terms and expanding the types of income they will allow, which all point to lenders trying to be more flexible as their lending volumes decrease and they seek to get more new business on the books. "This shows that reduced housing and mortgage market demand is now starting to bite, and banks are looking for any way to keep the wheels turning as the growing clouds above the economy are slamming the brakes on borrowing."Riz Malik, founder of R3 Mortgages, said: "Even minor rate reductions are appreciated, especially considering the hikes borrowers have experienced over the past six months.

The current trend in rate cuts appears to be "little but frequent." Either way, here's hoping this trend extends into the coming weeks."Ashley Thomas, director at Magni Finance, added: "There seem to be a lot of lenders reducing their rates at present.

I expect this trend to continue and most will be hoping it is the start of a price war. The next set of inflation data will be a big factor in whether rates will continue to go down."Justin Moy, MD at EHF Mortgages, concluded: