UK-based Nationwide Building Society has announced that it is cutting the price of its fixed rate mortgage deals by up to 0.20%.
With effect from February 17, 2009, the society will reduce its two-, three- and five-year fixed rates for new borrowers, remortgagors and existing borrowers who are switching at the end of their current deal.
The society will also launch a new tracker mortgage range including two- and three-year mortgage deals. In addition to this, Nationwide is making some changes to its further advance mortgage range, including a new low fee product suitable for smaller advances.
Andy McQueen, mortgage director at Nationwide, said: We are increasing our mortgage product range with the re-launch of a two year tracker and a new three year tracker for those customers who are looking for a longer term tracker deal. We are also cutting the price of our fixed rate mortgage deals. Our two-year fixed rate is available from 3.98%.
In response to customer demand, for those borrowing smaller amounts in the form of a further advance, we have introduced a new lifetime tracker with GBP195 fee. Borrowers now have the choice between fixing their rate and having a longer term tracker product.
