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Mortgage lender cuts mortgage rates

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Nationwide has announced that it is to cut mortgage rates on a tracker mortgage and some fixed-rate mortgage options.

Following a reduction of 0.15 per cent, the mortgage lender's tracker mortgage now has a mortgage rate of 4.69 per cent.

This is compared to its two closest competitors for this particular tracker mortgage type, Northern Rock and Halifax, which offer mortgage rates of 4.89 and 5.09 per cent on similar deals.

In comparison with these mortgage lenders, Nationwide claims that its mortgage fees are also lower.

It states that Northern Rock's reservation fee is almost �300 more than that charged by Nationwide. The three-year tracker mortgage has a reservation fee of �399 while the valuation is charged at �245.

The mortgage lender calculated that mortgage borrowers signing up for a fixed-rate deal with Nationwide could save more than �2,000 over the mortgage term.

Anyone looking for a really competitive deal can come to Nationwide and expect to find a really competitive rate, lower fees and charges and an organisation that puts its member first, comments the mortgage lender's Stuart Bernau.

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