Yesterday Nationwide announced it was increasing and decreasing rates on various products, while rates are also being lifted by Virgin Money on fixed-rate products.
Changes have been made across two, three, five and ten-year fixed rate products by Nationwide.
The lender’s new business two-year tracker products will see rates fall by 0.25% as a result of the interest cut announced by the Bank of England last week.
Rates on all ten-year fixed products are being cut by up to 0.11%. while selected higher loan-to-value (LTV) two-year fixed rate products will be reduced by up to 0.15%.
Meanwhile, rates will raise on selected two, three and five-year fixed rate products by up to 0.20%.
Nationwide says that the changes will be effective from today, November 13.
A Nationwide spokesperson said: “Nationwide is not immune to the current swap rate environment and the changes we’re making on our fixed rate range are reflective of that and the rate changes happening across the market.”
“Our tracker rates are seeing a reduction to reflect last week’s Bank Rate decision. We continue to support existing customers with our pricing pledge and remain competitive and well-positioned in the market to support all borrowers.”
Rates have been lifted by Virgin Money on purchase, mortgage, BTL and product transfer products, which came into effect from 8pm yesterday.
Selected rates will rise on by 0.25% in the product transfer range, starting from 4.19%, with two, three and five-year BTL ranges increasing by up to 4.24%.
The lender has increased rate on BTL two and five-year rates by 0.20% to 4.54%, which will include a fee of £995. Retrofit boost rates will also be lifted by 0.20% to 4.78%.
Remortgage retrofit boost rates will rise by up to 0.20% to 4.64% while 65% and 75% LTV two- and five-year rates will go up by up to 0.14% to 4.24%.
It also announced that four two- and five-year exclusive purchase products will be withdrawn, including the 80% LTV exclusive purchase two-year rate with a fee of £895 at 4.50%.
The changes made by Nationwide and Virgin Money were made shortly after HSBC, Santander and TSB also announced multiple mortgage rate increases.
