Nationwide cuts the price of fixed rate and tracker mortgage deals

Nationwide Building Society has announced that it is cutting the price of some of its fixed rate and tracker mortgage deals by up to 0.27%.

With effect from 9 July 2008 the Society will reduce the rates on its two year fixed rate and two year tracker mortgages. At the same time, the Society will launch a new two year tracker, available from 5.78% with a £1,499 fee.

The new two year fixed and tracker rates, and details of the new tracker product are below:

House Purchase

Two year fixed rate (with £599 fee) available from 6.48%
Two year fixed rate (no fee) available from 6.88%
Two year tracker (with £599 fee) available from 5.98%
New Two year tracker (with £1,499 fee) available from 5.78%

Remortgage and additional borrowing

Two year fixed rate (with £599 fee) available from 6.58%
Two year fixed rate (no fee) available from 6.98%
Two year tracker (with £599 fee) available from 5.98%
New two year tracker (with £1,499 fee) available from 5.78%

Matthew Carter, divisional director for mortgages at Nationwide, said: "As a building society we always aim to offer our members the best possible deals. These price changes reinforce our message that, despite tougher market conditions, we remain very much open for business. These changes complement existing competitive three year products with reductions to key fixed rate and tracker deals. Aditionally, in response to borrower feedback, we have also launched a new two year tracker deal with a lower rate and higher fee. As with all of our tracker deals, our latest offer comes with the free facility to switch-and-fix onto any appropriate Nationwide fixed rate at any time during the life of the deal, without incurring an early repayment charge."