FTBs 'may benefit from mortgage reductions'

16-Oct-2008

Nationwide is to cut its base-rate mortgage, which may be good news for first-time buyers (FTBs).

A 0.30 per cent reduction will be passed on to customers, meaning the base mortgage rate will stand at 6.19 per cent.

Matthew Carter, divisional director for mortgages at Nationwide, comments: "We continue to offer help for first time buyers and existing customers by giving them access to competitive low fee products."

He adds that the rate is "consistently lower than average".

The change will come into effect on November 1st, meaning that a £100,000 repayment mortgage will now be subject to a reduction of £30 per month.

It has also been announced this week that the Co-Operative Bank is to cut its mortgage rates by 0.50 per cent, following the changes to the Bank of England's base rate.

This will also be available from the start of November, with the standard variable rate now at 6.49 per cent.

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