Phil Perry at Ark Financial Planning said that he was “quite surprised” it happened, especially with fixed-rate
He stated: “To actually go down might suggest that they are either expecting no increase in the future or they know something that we don’t.”
Nationwide is a market leader and this means other lenders will probably begin to reduce prices on their
Consumers beware though, he commented, as it could be a ploy to pull in new customers, at which point the rates would go back up again after a few weeks.
Yesterday, Nationwide announced it would be slashing interest rates on some of its fixed-rate and tracker products by up to 0.5 per cent.