Nationwide to cut rates by up to 0.5%

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Nationwide Building Society is cutting fixed rate mortgage prices by up to 0.50 per cent.

The lender says it is making the cuts to let customers lock in cheap rates ahead of an expected rise in Bank of England base rate.

The price reductions are aimed at both first-time buyers and those with large deposits.

Ten-year fixed rate mortgages are being reduced by up to 0.50 per cent. These will start from 2.49 per cent for the 60 per cent LTV product with a £999 fee and 2.59 per cent with no fee.

Nationwide is cutting rates on its 60 per cent LTV two-year fixed rate product by 0.15 per cent to start from 1.29 per cent with a £999 fee and 1.69 per cent with no fee.

Rates for those with a 10 per cent deposit are being reduced to 1.99 per cent with a £999 fee and 2.39 per cent with no fee.

The firm’s five-year fixed rate mortgage product up to 60 per cent LTV will start from 1.79 per cent with a £999 fee and 1.99 per cent with no fee.

Tracker rates are also being reduced. Two-year products will start at 1.04 per cent with a £999 fee and 1.44 per cent with no fee.

Nationwide director of mortgages Henry Jordan says: “As the likelihood of a rise in the Bank of England base rate increases, mortgage holders will be considering their options.

“The changes announced today offer improved choices across our range and are equally available to new customers and to existing members switching product with us.”

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