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Nationwide cuts fixed rates and launches tracker

Nationwide is cutting its fixed rate mortgages by up to 0.20%.

On Tuesday it is reducing its two, three and five-year fixes for new borrowers, remortgagors and existing borrowers who are switching at the end of their current deal

The society will also launch a new tracker mortgage range including two and three-year mortgage deals.

In addition to this, Nationwide is making some changes to its further advance mortgage range, including a new low fee product suitable for smaller advances.

Andy McQueen, mortgage director at Nationwide, says: “We are increasing our mortgage product range with the re-launch of a two year tracker and a new three year tracker for those customers who are looking for a longer term tracker deal. We are also cutting the price of our fixed rate mortgage deals.

“Our two year fixed rate is available from 3.98%.

“In response to customer demand, for those borrowing smaller amounts in the form of a further advance, we have introduced a new lifetime tracker with £195 fee. Borrowers now have the choice between fixing their rate and having a longer term tracker product.”


High time

If house price indices aren’t enough for you, you can usually measure the state of the economy in footwear. According to The Stiletto Index, women wear flatter shoes in tough times.

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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