3 Nov

Lender drops mortgage rates

Lender drops mortgage rates

Nationwide has revealed today it is to cut some of its mortgage rates.

The building society has said it is to cut three of its fixed-rate deals, all of which have a 60 per cent loan-to-value.

Its two-year fixed-rate deal with a £599 fee will drop from 6.08 per cent to 5.59 per cent, the two-year fixed-rate mortgage with no fee will be trimmed from 6.48 per cent to 5.99 per cent and the two-year fixed-rate product with a £999 fee will come down from 5.93 per cent to 5.49 per cent.

The new rates will be effective from November 1st.

Divisional director for mortgages at Nationwide Matthew Carter said: "We are pleased to be able to cut the price of some of our fixed-rate deals."

The demand for mortgages is not just from those who have to move, new research has suggested.

A Findaproperty.com survey has shown that the most popular reason for buying a house is to switch from renting to buying, accounting for 21 per cent of responses.


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