Mortgage price wars as two major lenders slash rates in boost to homeowners and first time buyers
Nationwide and Santander slash mortgage rates in boost for buyers
- Nationwide and Santander have announced significant cuts to their mortgage rates, potentially initiating a new 'mortgage war' among major lenders.
- Nationwide reduced rates by up to 0.16 percentage points, with its lowest two-year fixed deal now at 3.54 per cent, primarily for borrowers with larger deposits.
- Santander followed by cutting rates on first-time buyer deals by as much as 0.32 per cent, with rates starting from 3.92 per cent, and offers schemes for those with smaller deposits.
- These rate reductions are viewed as positive for consumers, especially the 1.8 million people anticipated to renew their mortgages in 2026, as interest rates continue to trend downwards.
- Industry experts advise borrowers to consider the total cost of a mortgage, including all fees and charges, rather than just the headline rate, and to act promptly as rates can change quickly.
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