Chelsea Building Society is cutting its standard variable rate to 5.79%,  with effect from 31 December. This change is following on from the Bank of England base rate change on 6 November.

Nationwide Building Society is cutting the price of its two-year fixed rate mortgage deals to 4.98% with a £599 fee, and selected three- and five-year fixed rate deals by up to 0.80%. The society will also be withdrawing its 10- and 25-year fixed rate products.  

Matthew Carter, divisional director for mortgages at Nationwide, said: "As part of our ongoing commitment to helping firsttime buyers we will continue to offer a lower reservation fee of £299 on our three-year fixed rate mortgage. In addition to this, first-time buyers are also eligible for £100 off their legal fees.

"Existing Nationwide borrowers will continue to have access to a range of fixed-rate mortgages available at a reservation fee of only £299."

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