8
Aug
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.
