Nationwide cuts fixed mortgage rates by up to 36bps as lenders extend May repricing wave

Nationwide, NatWest, Virgin Money and TMW all trimmed selected fixed rates on 11 and 12 May, with Nationwide leading at cuts of up to 36bps and its five-year fix at 90% loan-to-value now 4.89%. Swap rates have eased rather than collapsed, so this looks like competitive trimming, not a full repricing. For buyers at higher loan-to-value, monthly costs nudge down; for sellers, the bidding pool widens slightly this week. The wave could pause if inflation data pushes swaps back up.