Nationwide announces mortgage interest rate cuts

01-Sep-2006

Nationwide Building Society could become a more attractive option for first time buyers after its announcement, as rate cuts are being implemented across the company's entire fixed-rate range.

"Nationwide prides itself on offering some of the best mortgage rates on the high street – all borrowers, whether new or existing, can make significant savings by having their mortgage with the society," said Steve Clode, divisional director of marketing for Nationwide.

Nationwide's two-year fixed-rate has been reduced to 4.97 per cent and 4.88 per cent, depending upon the booking fee, while the three-year fixed-rate mortgage product has been reduced to 5.18 per cent.

The five and ten year packages have been reduced to 5.18 per cent.

All of Nationwide's mortgage products, with the exception of the two-year fixed-rate, attract a booking fee of £399; in exchange for a lower interest rate, the two-year fixed-rate is available for a booking fee of £699.

The new interest rates are available from September 1st 2006.

In addition to mortgages, Nationwide offers a range of products, including current and savings accounts, credit cards and insurance products.

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