The changes take effect from Tuesday, July 7, 2026
Nationwide has made an announcement of changes beginning on Tuesday, July 7.
It announced on Monday that it was slashing rates across its fixed rate mortgage range, as well as reducing charges on selected tracker mortgage products. Brokers suggested that if swap rates remained favourable, further lenders were likely to reassess their pricing, with one noting that “lenders are clearly back in competition mode”.
Nationwide mortgage rates will be reduced by up to 0.19% across two, three, five and ten-year fixed rate products, while rates will be cut by up to 0.12% on selected two-year tracker products. The new rates take effect from tomorrow, Tuesday, July 7, and will apply across first-time buyer, home mover, remortgage and switcher products.
Carlo Pileggi, Nationwide’s head of mortgage products, said the lender was dedicated to supporting all types of borrowers. He added: “The changes we’re making tomorrow will ensure we remain competitive and continue to be front of mind for brokers and customers alike in a fast-moving mortgage market.”
Brokers gave the announcement a warm reception. Shaun Sturgess, director of Swansea-based Sturgess Mortgage Solutions, said “this is a fantastic start to the week and may well set the tone for more cuts in the days and weeks ahead”.
He added: “Rates are still not what they were before the Middle East war, but they’re moving in the right direction and momentum is starting to grow.”
Tracey Dixon, owner of Cardiff-based Pure Mortgage and Protection, said: “The lowest rate doesn’t always mean the best mortgage, but more competition almost always benefits borrowers. Nationwide’s latest rate cuts are encouraging and reflect the increasingly competitive mortgage market. If swap rates remain favourable, I’d expect other lenders to review their pricing, too. The key message for borrowers is not to assume their existing lender has the best deal, but to review the whole market before making a decision.”
Rupert Collingwood, founder of property consultancy The London Broker, said: “In today’s market, any shift like this should be considered a win for the property market. We must of course hope and pray that the change of leadership within the Labour Party, the country and indeed the new face in No. 11 does not end up frightening the horses, unpicking this sort of positive movement for buyers and sellers alike.”
Harry Goodliffe, director of Winchester-based HTG Mortgages, said: “Mortgage lenders are clearly back in competition mode. Falling swap rates have given lenders more room to adjust their pricing and Nationwide is making the most of it.
“I don’t think it will be the last lender to cut rates, either. As long as swap rates remain relatively stable and there are no nasty inflation surprises, I’d expect this gradual pattern of rate reductions to continue, at least in the short term.”
Justin Moy, managing director of Chelmsford-based EHF Mortgages, added: “This is the second set of rate cuts in just over a week for Nationwide, further underlying the improvement in the Middle East conflict and improving competitiveness among high street lenders in particular. Borrowers are slowly feeling confident to buy or remortgage as rates move towards the sub-4% deals pricing from earlier this year.”
Meanwhile, Katy Eatenton, mortgage and protection specialist at Weybridge-based Eatenton Finance, said “the big lenders are now starting to make their moves. She added: ” She added: “As ever, borrowers should not take anything for granted, as international events and political change domestically could change the trajectory very quickly.”
Jamie Elvin, director of London-based Strive Mortgages, said: “If swap rates remain where they are, I’d expect further reductions from other lenders over the coming days. That said, borrowers shouldn’t try to second-guess the market. A good deal today is often worth far more than waiting in the hope of shaving another 0.10% off the rate, particularly when lenders allow you to switch onto a cheaper product before completion.”
Rohit Kohli, director of Romsey-based The Mortgage Stop, warned that while lenders were fiercely competing, conditions remained unpredictable: “I wouldn’t get carried away as we’re still dealing with a huge amount of geopolitical uncertainty, and that’s far from resolved.”
