Mortgage rates being cut

Posted: 07 Jul 2008 13:15:37 GMT

A major high street building society has announced that it will be cutting the cost of its fixed rate and tracker mortgage deals which will come as a welcome relief to cash-strapped borrowers.

A major high street building society has announced that it will be cutting the cost of its fixed rate and tracker mortgage deals which will come as a welcome relief to cash-strapped borrowers.

The Nationwide Building Society has said it will be cutting the price of some of its fixed rate and trackers mortgage deals by up to 0.27 per cent from July 9th.

There will also be a new two year tracker deal available from Nationwide at 5.78 per cent with a £1,499 fee.

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."

In related news, Abbey last week announced that it will be reducing its rates by 0.20 per cent on a number of its 75 per cent loan-to-value fixed rate and tracker mortgage deals.

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