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Mortgage lender nationwide cuts interest rates


Nationwide one of the largest mortgage lenders has decided to cut its interest rates on its two year and five year fixed rate mortgage deals.

Nationwide are offering a two-year fixed rate loan with a £599 fee and a interest rate starting at 5.95 per cent, they also are launching a similar deal with no fee and a interest rate low as 6.35 per cent.

The mortgage provider has also reduced its interest rates on its remortgage package also known as the ‘borrowing loan’, it has introduced a decrease on one of its elite mortgage deals, only for existing customers which are thinking of switching deals.

There is a five-year fixed rate mortgage with a £599 fee and an interest rate of 5.85 per cent.

Director for mortgages at Nationwide, Matthew Carter commented: "Recent reductions in money market swap rates mean we are able to reduce the rates on our two-year and five-year fixed rate mortgages. This is good news for homebuyers, re-mortgage customers and borrowers who are coming to the end of their existing deals."

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