Nationwide announce further rate cuts including a new 5 year

Grovelawn Financial News 22/08/2008

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Nationwide building society is to reduce its fixed rates by a further 0.20% with a brand new lower 5 year fixed rate dea

Nationwide Building Society has today announced that it is cutting its fixed rate mortgages by 0.20%. Nationwide has been the forerunner in reducing mortgage rates and had so far reduced its mortgage rates 4 times this month bringing competition back into the mortgage markets with other lenders following suit.

It is introducing a new five year fixed rate deal with rates from 5.88% for purchases and 5.68% for remortgages, further advances and existing customers looking to switch to a new deal. There is a fixed arrangement fee of £1499 for this product.

Nationwide has also introduced a new Loan to Value tier of 60% across all its products allowing those with a lower LTV on their property to take advantage of lower rates. Maximum borrowings have also been increased and where the LTV is 60% or less this has increased from £500,000 to £1 million.*

Matthew Carter, director of mortgages at Nationwide said “ We are pleased to be in a position to reduce our rates on a number of deals available to customers looking to purchase or remortgage their property. These changes demonstrate our commitment to offering good value deals in what continues to be a challenging time in the market.”

If you are an existing borrower of Nationwide they are currently waiving the £599 reservation fee for a limited time.

← BTL Market booming according to RICS | News For August 2008 | Ulster Bank mortgage to help first time buyers →

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