Nationwide has cut selected rates by up to 0.81% and has introduced a new range of fixed and tracker rates with a £1,499 fee. The changes mean that Nationwide’s rates start from 3.84%, the lowest level in eight months. For new customers moving home, reductions of up to 0.80% have been made to Nationwide’s two, three, five and 10-year fixed rate products up to 95% LTV. For first-time buyers, two, three, five and 10-year fixed rate products up to 95% LTV have also been cut by 0.74%. Furthermore, remortgage products have been cut by up to 0.80% across two-, three-, five- and 10-year fixed rate products up to 90% LTV.

Nottingham Building Society has announced a range of enhancements to its mortgage products, with rates on two, three and five-year products being cut by up to 0.54%. The lender has also introduced 10 new products across various LTV ratios with varying rates. The variable discounted rate range has been enhanced with the introduction of 75% and 90% LTV tiers, giving borrowers more options across the residential market. Rates on the 80% LTV discounted products have also been reduced by up to 0.15%, enhancing affordability. Furthermore, retirement interest-only product rates have been made more competitive, with reductions of up to 0.11%.

The Cambridge has announced that it will now consider mortgage applications for foreign nationals on either a skilled worker visa (tier two), global talent visa (tier one) or health and care worker visa, up to 80% LTV. Applicants must have been a resident in England or Wales for the last two years and have a 20% deposit from their own sources. For applications in joint names, where one applicant holds permanent right to reside in the UK the maximum LTV increases to 95%, with only a 5% deposit required. According to the Home Office, in the year ending June 2023, there were around 321,000 grants to main applicants on all work visas, 45% higher than in the previous year and almost two and a half times the number in the year ended June 2019.

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