Nationwide makes mortgage rate cuts

Thursday, 07 January 2010 12:00

Nationwide is cutting interest rates on a range of fixed-rate and tracker mortgages for people buying a home.

Customers borrowing between 70 per cent and 85 per cent of their property's value will benefit most from the cuts as the building society is slashing rates on mainly on these mortgages.

The largest cut will be made to selected two-year fixed-rate mortgages for loan-to-value (LTV) ratios of 80 per cent. Borrowers can expect 0.6 per cent reductions on these products.

Andy McQueen, mortgage director for Nationwide, said: "This, together with the special offers we have available for first-time buyers and house purchasers, is good news for those looking to move home in the New Year."

Nationwide's mortgage range now includes a two-year fixed-rate deal at 3.69 per cent and a two-year tracker available from 2.64 per cent. Both come with a £99 booking fee and £869 reservation fee.

A 3.99 rate is available for borrowers on two-year fixed and tracker deals with no reservation fee.

Meanwhile rates starting at 4.39 per cent are available on a three-year fixed rate and the three-year tracker has interest starting at 2.99 per cent.

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