Nationwide cuts the price of fixed rate mortgage deals

Nationwide Building Society has announced that it is cutting the price of some of its fixed rate mortgage deals by up to 0.30%.

With effect from 16 May 2008 the Society will reduce the rates on its two year and five year fixed rate mortgages.

The new rates are as follows:

House Purchase

Two year fixed rate (with £599 fee) available from 5.95% (previously 6.10% with £499 fee)
Two year fixed rate (no fee) available from 6.35% (previously 6.50%)
Five year fixed rate (with £599 fee) available from 5.85% (previously 6.15% with £699 fee)

Remortgage and additional borrowing

Two year fixed rate (with £599 fee) available from 6.15% (previously 6.30% with £499 fee)
Two year fixed rate (no fee) available from 6.55% (previously 6.70%)
Five year fixed rate (with £599 fee) available from 5.95% (previously 6.15% with £699 fee)

Exclusive deal for Nationwide borrowers changing mortgage

Five year fixed rate (no fee) available from 5.95% (previously 6.15%)

Matthew Carter, divisional director for mortgages at Nationwide, said: "Recent reductions in money market swap rates mean we are able to reduce the rates on our two year and five year fixed rate mortgages. This is good news for home-buyers, re-mortgage customers and borrowers who are coming to the end of their existing deals. Nationwide continues to offer a range of mortgages up to 95% loan to value, including two recently launched deals which offer first time buyers a £300 discount on the reservation fee."

For more information, visit nationwide.co.uk.