8 Aug

More mortgages cut

More mortgages cut

More mortgage rates have been cut as the price of deals being offered to consumers continues to fall, it has been reported.

Nationwide is the latest lender to unveil another cut, lowering its two, three and five-year fixed-rate deals by 0.25 per cent with effect from today.

These products are aimed at those switching, taking a new advance or remortgaging.

Nationwide is also waiving the usual £599 fee for any existing customers who switch to the tracker and fixed-rate products that normally come with such a charge.

The news is the latest in a long list of recent mortgage rate reductions from various lenders, with first-time buyers among those benefiting from the situation, the BBC reports.

Research by finance site Moneyfacts.co.uk for Radio 1 has found that the average two-year fixed-rate deal at a loan-to-value of 95 per cent has seen its interest drop from 7.19 per cent to 7.01 per cent since July.

This would reduce the monthly repayments on a £150,000 loan from £899 to £876.

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