Nationwide to lower several mortgage rates Published: 17/07/2008

Nationwide Building Society will this week cut the cost of several fixed-rate and tracker mortgage products by up to 0.46 per cent.

The lender made the announcement this week in a bid to make it cheaper for stretched homeowners to remortgage and easier for some first-time buyers to gain access to the property ladder.

Effective from July 18th, the high street chain is set to reduce rates on a range of two, three and five year fixed-rate mortgages, as well as a number of two year and lifetime tracker home loans.

"As a building society we always aim to offer our members the best possible deals," said Matthew Carter, divisional director for mortgages at Nationwide.

"For the second time this month, we are in a position to reduce the rates on mortgages, offering some of the most competitive rates in the market."

The firm currently offers to lend up to 90 per cent of the value of new-build houses, or 75 per cent of the cost of newly constructed flats.

In addition to overpayment and underpayment facilities, the lender promises not to impose higher lending charges, nor levy legal or valuation fees for borrowers who are remortgaging.

Initial fees for first-time buyers start at £299, interest is calculated on a daily basis and all customers with mortgage deals that track the base rate are given the option of switching or fixing at any time.

Though Nationwide is in a position to offer lower rates on a range of its products, it will also this week be raising costs for two and three year tracker mortgages for new customers putting down a deposit of less than ten per cent.

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