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Nationwide cuts mortgage rates again

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by Gill Montia
Nationwide cuts mortgage rates again

For the second time in a fortnight, Nationwide is cutting mortgage rates.

The lender says that new borrowers will benefit from a reduction of up to 0.46% on some of its two, three and five-year fixed-rate deals and its two-year lifetime tracker mortgages.

The building society is cutting the rate on a two-year fixed-rate deal from 6.48% to 6.18% on loans with a 75% loan to value ratio (a £599 fee applies), while for new borrowers needing to find 90% of their purchase money, the rate on a two-year fix is coming down from 6.88% to 6.58%.

The changes will take effect from 18th July and will be accompanied by what Nationwide describes as a “small” increase in interest rates on its two and three-year tracker mortgages for borrowers with deposits of less than 10%.

Matthew Carter, divisional director for mortgages at Nationwide, is also reminding borrowers that the building society now offers a lifetime tracker mortgage for customers who are switching their Nationwide mortgage, at 4.68%.

On 9th July, Nationwide trimmed rates on its fixed-rate and tracker deals for house buyers. However, three weeks earlier it had raised interest rates by up to 0.5% on some of its loans.

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News posted: July 16, 2008

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