Nationwide cuts mortgage rates

Nationwide has announced it will be reducing mortgage rates on a selection of its tracker deals.

From tomorrow May 17th, the building society is to reduce mortgage rates by 20 basis points on its range of two and three-year tracker products.

A two-year tracker rate of 2.59 per cent, on borrowing up to 70 per cent Loan to Value, will be available to new home movers, first time buyers and existing customers moving home with only a £400 product fee and £99 booking fee.

Customers considering a remortgage are still eligible for the deal but will incur a £900 product fee and £99 booking fee.

Martyn Dyson, head of mortgages at Nationwide, said: "Our tracker customers have the reassurance of knowing that, with Nationwide, they can switch to a fixed rate from our Switch & Fix range at any time in the future without having to pay an Early Repayment Charge."

Meanwhile Rightmove revealed that house asking prices have risen to their highest level for nearly three years.

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2011-05-16 13:12:06 © Moneyextra.com