Mortgage lender nationwide cuts interest rates

15/05/2008

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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