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Nationwide cuts fixed rate mortgage prices

Nationwide Building Society has announced that it is planning to cut the price of some of its fixed rate mortgage deals.

The five year fixed rate deals will be available from 5.63%, with effect from October 26, 2007. The fee for home buyers and re-mortgagors taking a five year fixed rate deal is being reduced by GBP100 to GBP499. At the same time Nationwide is cutting the rate on its 25 year fixed rate mortgage, which will now be available from 5.98%. All Nationwide fixed rate mortgages can offer borrowers the flexibility to overpay, underpay and take payment holidays.

Matthew Carter, divisional director for mortgages at Nationwide, said: We are delighted to be offering these very low rates on our five year and 25 year fixed rates. Nationwide’s five year fixed rate mortgage is lower than that of Halifax, Abbey and Alliance and Leicester and the 25 year fixed rate is also very competitive. Recent volatility in the financial markets and uncertainty over the outlook for the immediate future, make it an ideal time for borrowers to consider taking a longer-term fixed rate mortgage.