US EditionNationwide, Halifax, Virgin Money and TSB issue 'extremely positive' rate cuts
- Following the Bank Rate reduction on 8 May 2025, several major UK lenders, including Nationwide, Halifax, Virgin Money, and TSB, implemented mortgage rate reductions for their customers.
- These cuts responded to the Bank of England’s 0.25% base rate reduction on 8 May and anticipation of further reductions in the coming days.
- Nationwide lowered its Standard Mortgage Rate by 0.25% to 6.99% effective 1 June 2025, while Halifax, TSB, and Virgin Money cut rates by up to 0.2% and tracker rates also adjusted accordingly.
- Experts described this period as 'a Bank Holiday bonanza for borrowers' with sub-4% deals re-emerging and lenders fiercely competing for market share.
- The mortgage market is gaining momentum as borrowers seek improved deals early, though many offers include specific criteria such as higher deposits or fees.
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