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Nationwide and Abbey reduce mortgage rates

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by Gill Montia
Nationwide and Abbey reduce mortgage rates

Nationwide Building Society is reducing interest rates on some of its fixed-rate and tracker mortgages this week, with rates on its fixed loans for house buyers falling up to 0.07%.

A two-year fix is available from 6.58% with a £599 fee or 6.98% with no fee, while rates on the lender’s newly-launched two-year tracker start at 5.98% with a £599 fee, or 5.78% with a £1,499 fee.

Interest rates on trackers are down by up to 0.27% but only for those with large deposits; homeowners with only a 5% deposit will not benefit from any reductions.

The tracker allows borrowers the option to switch to certain Nationwide fixed-rate deals at any time during the life of the mortgage, without incurring a fee or early repayment charge.

Meanwhile, Abbey has reduced its rates on 75% loan-to-value fixed-rate and tracker loans by up to 0.2% and Birmingham Midshires is expected to announce some rate cuts in the days ahead.

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News posted: July 7, 2008

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