Nationwide updates mortgage rates

Nationwide Building Society has announced it will be cutting the price of some of its two year fixed rate deals and increasing rates on selected tracker products. These changes will be effective from Saturday 1 November 2008.

Matthew Carter, divisional director for mortgages at Nationwide, said: "We are pleased to be able to cut the price of some of our fixed rate deals. Nationwide's two year fixed rate mortgage with a £599 fee is available from 5.59% and is one of the most competitive on the high street.

"The wholesale markets continue to be unpredictable and we will continue to monitor and respond to market conditions and competitor activity."