Nationwide and Co-op Bank cut mortgage rates

Nationwide and Co-operative Bank are cutting mortgage rates.

In the case of Nationwide, interest on certain fixed-rate and tracker deals is falling by up to 0.3%.

The building society is also introducing a new two-year fixed-rate home loan, available from 5.58% and with a £999 fee.

The lender says it is waiving some reservation fees for a limited period, but only for existing borrowers who are looking to switch their Nationwide deals.

However, the reservation fee on its five-year fixed-rate and two-year tracker products is rising from £1,499 to £1,999.

All customers who have a mortgage interview with Nationwide (either in a branch or over the phone) before 30th September will be entered into a free prize draw and the winners, ten in all, will have mortgage payments of up to £10,000 covered by the lender for one year.

Meanwhile from 15th September, the Co-operative Bank is cutting the cost of its three and five-year fixed-rate mortgages for people with a 25% deposit, by 0.3% and 0.7% respectively.

The bank is also waiving the application fee on its three-year fixed rate product and will be covering legal and valuation fees on remortgages, for a limited period.

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