New Nationwide and Halifax messages to customers 'starts today'

Two high street financial institutions have given an update to customers. Nationwide and Halifax are joining TSB, Santander, Barclays, HSBC and other major players in slashing their mortgage rates this week. However, with tensions escalating in the Middle East, brokers said "those now looking through the shop window for a new mortgage deal may want to consider jumping in, just in case". Nationwide confirmed on Thursday afternoon that from Friday, April 24, it was reducing selected fixed rates by up to 0.25%. The cuts cover its First Time Buyer, Home Mover and Existing Customers Moving Home ranges. Halifax also announced reductions of up to 0.15% on fixed rate products across its Homemover and First Time Buyer ranges. Earlier on Thursday, TSB revealed it was slashing residential rates by up to 0.6%. Riz Malik, Independent Financial Adviser at Southend-on-Sea-based R3 Wealth , said: "Lenders are reacting to more favourable market pricing and are now passing it onto their customers. It is very clear that lenders want to lend, but we are not out of the woods yet. "These cuts could be a short window of opportunity, especially if the ceasefire doesn't hold. But either way, they are a welcome relief to a mortgage market that is still recovering from a shock that came out of nowhere." Dariusz Karpowicz, director of Doncaster-based Albion Financial Advice , also said borrowers might want to act: "Nationwide stepping in with cuts up to 0.25% from Friday is exactly the nudge this market needed. "The catch? The Middle East situation is far from settled and funding costs could bounce back within days. If you are remortgaging or buying, get your application in now." Justin Moy, managing director at Chelmsford-based EHF Mortgages , described the cuts as "decent" and "timely" and also urged people to grab these rates while they could. He said: "Are we out of the troubles? Not yet. There is still much that can happen that may turn these rate cuts upside down, so those now looking through the shop window for a new mortgage deal may want to consider jumping in, just in case." Babek Ismayil, CEO at homebuying platform OneDome , said the stasis in the property market that was clearly worrying lenders offered a strong buying opportunity for those seeking to get onto the ladder. He said: "The uncertainty resulting from the war has created a strong environment for buyers to negotiate hard with sellers and snap up property at a much reduced price. People need to remember that securing a competitive price for a property can often mitigate the impact of higher mortgage rates, which they can remortgage off in the years ahead anyway."