Nationwide cuts rates on fixed mortgages

Thursday, 25 October 2007 12:00

Nationwide Building Society is cutting interest rates on a number of its fixed-rate mortgages.

From October 26th the five-year fixes will be available from 5.63 per cent, while the 25-year fix will be available from 5.98 per cent.

Fees on the five-year deals for buyers and remortgagers are also being reduced from £499 to £100.

Matthew Carter, Nationwide divisional director for mortgages, said: "We are delighted to be offering these very low rates on our five-year and 25-year fixed rates.

"Nationwide's five-year fixed-rate mortgage is lower than that of Halifax, Abbey and Alliance and Leicester and the 25-year fixed rate is also very competitive. Recent volatility in the financial markets and uncertainty over the outlook for the immediate future, make it an ideal time for borrowers to consider taking a longer-term fixed-rate mortgage.

He added: "We also hope these new deals will appeal to the quarter of a million borrowers who are due to mature from two-year fixed-rate mortgages between October and December this year. The new rates should ease the pain of the rate shock these borrowers could experience as their current deals end, which had an industry average rate of just 4.56 per cent."

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