Nationwide mortgages 'will lead the way for the market'

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Nationwide mortgages 'will lead the way for the market'

Fri 7th Aug 2009

Nationwide mortgages, on which the rates have been reduced this week, will set an example for the rest of the industry, it has been asserted.

According to director of Ark Financial Planning Phil Perry, Nationwide's move to reduce the rates on some of its fixed-rate and tracker mortgage products this week could trigger similar moves on behalf of other lenders.

"Nationwide are quite a market leader," Mr Perry explained. "I would tend to say I would expect the major lenders to follow suit".

He added that it is likely that the lender is attempting to predict trends rather than "buy business in".

Nationwide's mortgage rate reduction move comes after the Bank of England reported last week that the number of new mortgage approvals in the UK had increased for the fifth consecutive month.

Overall, 47,584 mortgages were approved in June, compared to 44,169 in May and 43,728 in April, the Bank's figures showed.

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