Last week, Nationwide launched its latest interest rate for mortgage customers of 3.74% despite the Bank of England keeping their base interest rate at 5% which was lowered in May 2024.
Nationwide, one of the UK’s largest mortgage lenders has announced a five-year fixed rate of 3.74% and a three-year fixed rate of 3.89%, overtaking Santander’s 3.99%.
These new rates are available to home movers and those remortgaging, rather than first-time buyers. However, Nationwide have also launched a new deal for first-time buyers whereby they can borrow up to 6 times their income with a deposit as low as 5%, the highest borrowing seen in quite some time.
As an example, this means a first-time buyer earning the average salary in the UK of £35,000 could previously have borrowed £192,500, and can now borrow 210,000.
Similarly, Barclays have launched a new mortgage product, offering a five-year fix at a 3.71% interest rate for those buying a home with a 40% deposit and above.
Helen Pritchard, Sales & Marketing Director at Shropshire Homes, is pleased to see another positive movement from mortgage lenders, “It’s great to see Nationwide and Barclays reducing their mortgage rates, particular for our buyers who have been struggling with affordability. The market has picked up and we have certainly seen an increase in sales.
“At Shropshire Homes, we offer a number of buying schemes which enable our buyers to make buying their dream home a reality. Combining our buying schemes with these new mortgage rates, prospective buyers may be able to afford more than they realise.”
To find out more about Shropshire Homes’ buying schemes: https://www.shropshire-homes.com/help-with-buying
Take a look at our current developments and speak to our sales team today: https://www.shropshire-homes.com/developments