Nationwide launches 5-year fixed rate at 3.78%

Tony Castle, managing director at PFG Mortgages said, “It’s incredible to see rates at 3.78%. Many thought we may not see this until 2025, but they have been proven wrong. This is a huge boost for homeowners and home movers alike.

“These rate reductions are sprinkling some serious stardust onto the housing market.”

Justin Moy, managing director at EHF Mortgages said, “These are significant headline-grabbing rates from Nationwide. Most of all, these are rates we haven’t seen for at least two years.

“They will give borrowers plenty of confidence to get back into the property market. Lenders of all shapes and sizes help deliver good news and positivity, with both Nationwide and MPowered delivering by the bucket load.”

Andrew Montlake, managing director at Coreco said, “This move from Nationwide marks a new low point in the 5-Year Fixed Rate battle and shows that the mortgage rate war is now in full flow as lenders look to end the year on a high.

“Products such as these will help convince prospective borrowers who have sat on their hands for a while to plunge into the housing market before it becomes too hot and prices inevitably begin to strengthen once more, especially in high-demand areas. The game is on, especially with smaller lenders such as MPowered also shaving their rates.”