Money News
Nationwide Building Society is cutting the price of some of its fixed rate and tracker mortgage deals by up to 0.46%. With effect from 18 July 2008 the Society will reduce the rates on its two, three and five year fixed rate and two year and lifetime tracker mortgages. Nationwide is also making a small increase to rates on its two and three year tracker mortgages for borrowers with deposits of less than 10%.
Matthew Carter, divisional director for mortgages at Nationwide, said, "As a building society we always aim to offer our members the best possible deals. For the second time this month, we are in a position to reduce the rates on mortgages, offering some of the most competitive rates in the market. As part of our commitment to rewarding customer loyalty we now have a Lifetime tracker mortgage offering a good deal for customers who are switching their Nationwide mortgage.
"In addition to fees starting from £299 for first time buyers and the option to switch and fix on any tracker mortgage, customers can have confidence taking a mortgage with Nationwide whether they are buying, re-mortgaging or coming to the end of their existing deals."
Britannia Building Society has also introduced a new option to its 5 year fixed-rate mortgage range, which offers a rate of 5.99% on LTVs up to 75%, or 6.39% on LTVs up to 90%, both with an arrangement fee of £999.
Tim Franklin, Managing Director of Member Business, said, "All of our mortgage packages offer a range of options, based on the borrower's circumstances. This new option gives borrowers the reassurance that they are getting a competitive rate, with the peace of mind that their monthly payments will remain the same for the next five years."
Britannia's two existing 5 year fixed-rate options are also still available. One has an arrangement fee of £499, while the other is fee free - both options offer a selection of rates based on the loan to value.
17 July 2008 © Moneyextra.com
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