| Nationwide latest to cut rates |
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| 07 August 2008 | |
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Nationwide Building Society has become the latest lender to reduce prices on its fixed-rate mortgage deals. It is cutting the price of its two, three and five year fixed-rate deals by up to 0.25% from tomorrow. The new rates are available for those looking to remortgage, switch or take a further advance. The Nationwide is also temporarily waiving the £599 reservation fee for existing borrowers switching to the fixed and tracker products which currently have the fee.
Martyn Dyson, head of mortgages at Nationwide, said: "As a building society we always aim to offer our members the best possible deals. Once again we are in a position to reduce rates on a number of deals available to customers wishing to remortgage, switch their current mortgage deal or take a further advance. "As part of our commitment to rewarding customer loyalty we are also now waiving the £599 fee for existing borrowers wishing to switch deal.
"Customers can have confidence taking a mortgage with Nationwide whether they are buying, re-mortgaging or coming to the end of their existing deals."
In addition, the chance to be "mortgage payment free" for a year (up to a maximum of £10,000) remains available from the Nationwide: all customers who have a mortgage interview in a branch or on the phone between 28 July and 30 September will be entered into a free prize draw and 10 winners will have their mortgage payments made by Nationwide for a year.
Nationwide's move follows similar cuts by the Royal Bank of Scotland and NatWest on Tuesday, when two-year fixed rates were cut by 0.1% for purchasers, taking the rate payable down to 6.19%. Halifax and Bank of Scotland reduced their fixed rates last week, with Bank of Scotland's two-year fix cut from 7.09% to 6.64%, a decrease of 0.45%. Halifax's two-year fixed rate went down from 6.99% to 6.69%, a 0.30% cut. Tag this article :     |
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