Fixes down at Nationwide

24-Oct-2007

Nationwide Building Society has revealed that, as of Friday, it is cutting rates on two of its fixed-rate mortgage deals.

First time buyers looking for the security that comes with a long-term fixed-rate deal are likely to be especially attracted to the deal, as the lender's cuts come on its five and 25-year products.

Five-year fixes will be available from 5.63 per cent, Nationwide has said, with the 25-year option coming in at 5.98 per cent. In addition, those taking out a first time buyer mortgage or simply looking to remortgage will find that fees have fallen from £599 to £499 for the former deal.

The cuts mark falls of 0.22 per cent and 0.36 per cent respectively when compared with previous rates offered by the lender.

"Nationwide’s five-year fixed-rate mortgage is lower than that of Halifax, Abbey and Alliance & Leicester and the 25-year fixed-rate is also very competitive," asserted Nationwide divisional director for mortgages Matthew Carter.

"Recent volatility in the financial markets and uncertainty over the outlook for the immediate future, make it an ideal time for borrowers to consider taking a longer-term fixed-rate mortgage," Mr Carter added.

However, his opinion is not shared by brokers such as John Charcol, which last week suggested that the demand for longer-term deals was still lagging behind that seen on other products, such as the ever-popular two-year fixed deal.

More borrowers have also been considering options such as a shared ownership mortgage in recent months as financial pressures force them to look for more innovative products.

Lending up in August as fixed-rates fall in September
http://www.firstrungnow.com/first-time-buyer-news/lending-up-in-august-3569.aspx

Abbey cuts as Bank freezes rates
http://www.firstrungnow.com/first-time-buyer-news/abbey-cuts-as-bank-freezes-3561.aspx

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