Nationwide Building Society has announced it is to make significant cuts to its mortgage rates.
The organisation revealed it will reduce its two and five-year fixed-rates by 0.10 per cent, while it is also set to bring down its five-year fix NewBuy rates once again.
This means the NewBuy options – when taking into account the fee discount – are less expensive than when they were first unveiled earlier in 2012.
Head of group mortgages, product and pricing at Nationwide Tracie Pearce noted the reductions should offer a spot of good news for consumers at a time when many lenders are choosing to bump up their rates.
Ms Pearce stated: “It’s particularly welcome for those wishing to fix for five years, especially as earlier this month we cut the product fees by half.”
It means the building society’s home loan collection now includes a raft of five-year, two-year and NewBuy options.
These include a five-year deal available at 3.89 per cent with a £450 product fee – which has been reduced from £900 – and a two-year fixed-rate variant up to 3.39 per cent with a £99 booking fee that is payable upfront and non-refundable.
