Bucking the trend - Nationwide mortgage rates are cut.
A Nationwide mortgage rate cut has been announced by the lender who advises that both its 2 and 5 year fixed mortgage rates are to be reduced by 0.10%.
Many other UK mortgage lenders are increasing rates and with the BoE warning that a worsening of eurozone crisis will mean UK households are likely to suffer further from increased rates, it is expected that not many other mortgage lenders will follow the Nationwide example.
This is the second Nationwide mortgage rate cut to be introduced in a month, fee reductions have also been announced. The best deal now on offer is a 5 year fixed mortgage rate at 3.89% for 70% LTV with a £550 fee.
Tracie Pearce who is the Nationwide Head of Group Mortgages commented advising that the Nationwide are pleased to offer customers mortgage rate reductions at a time when other UK lenders seem only to be increasing theirs. She added that the new 5 year fix is especially attractive as not only have the rates been cut but the product fees have been reduced by 50%.
The Nationwide have also reduced their 5 year fixed NewBuy mortgage rates which when combined with the mortgage arrangement fee discount, are actually lower then when they were originally launched.
The Nationwide mortgage range now includes a 5 year fix for 70% LTV at 3.89%, a 2 year fix for 60% LTV at 3.39% and a NewBuy 5 year fix for 95% LTV at 5.99%.
For an up to date price comparison of all competitive mortgages on offer contact Deal Direct today.
