Nationwide cuts mortgage rates

Nationwide Building Society has announced that it is cutting the price of many of its fixed and tracker rate mortgages by up to 0.50%.

In addition to this, from 4 August, £99 of all existing reservation fees will be non-refundable and will be classed as a booking fee. This will not apply to switcher and further advance applications. The fee will be paid up front and cannot be added to the loan.

Andy McQueen, mortgage director at Nationwide, said: "We are cutting the price of selected fixed and tracker rate mortgage deals by up to 0.50% so our range offers even better value for new borrowers.

"We have a superb range of products for existing customers coming to the end of a Nationwide deal including two and three year fixed rates which are currently among the best in the market compared to remortgage deals offered by other lenders.

"For these borrowers, we also offer a choice of capped variable rate mortgages from as little as 2.99%. These mortgages are ideal for borrowers who are uncertain about how interest rates will move in the future as they provide assurance that the mortgage rate will not rise above a certain level.

For more information, visit nationwide.co.uk