Nationwide is cutting its mortgage rates

Nationwide has announced that it is cutting its mortgage rates for those who only have a small deposit.

From today May 6th, the building society will be reducing the mortgage rates on its three and fixed year fixed deals by as much as 1 per cent.

The firm will also cut its product fee to £500 for first time buyers and movers, a reduction of 50 per cent.

New mortgage rates available start from 5.79 per cent with a 10 per cent deposit and 6.29 per cent with a 5 per cent deposit on the three-year fixed rate deals

Martyn Dyson, Nationwide's head of mortgages, said: "These changes have been designed for people who want to move or buy their first house but find they're struggling with raising a large enough deposit or affording the upfront fees."

Leeds Building Society has meanwhile reduced the interest rates on its two-year discount buy-to-let home loan from 4.44 per cent to 4.29 per cent on LTVs under 70 per cent.

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2011-05-06 15:46:58 © Moneyextra.com