Nationwide update spells good news for homebuyers

Nationwide is bucking the trend by slashing mortgage rates, a move that contrasts with recent hikes from other major lenders. The UK's largest building society has announced cuts of up to 0.18 percentage points across various fixed-rate deals, bringing its lowest loan down to 3.80%. This will be a boon for both first-time buyers and those looking to move house.

This decision is particularly noteworthy as it comes hot on the heels of rival lenders such as Halifax and Santander raising their rates due to market pressures. Barclays also increased several of its fixed-term deals earlier this month.

Among Nationwide's reductions are:

A three-year fixed rate for first-time buyers at 85% loan-to-value (LTV) cut to 4.34% (down 0.15%).

A two-ye

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