Rates cut on Nationwide five-year fixed-rate mortgages

Date:Tuesday 25th May 2010
Author: Susanna Kavka

Interest rates on Nationwide five-year fixed-rate mortgages have been reduced, with a spokesperson for the financial services provider highlighting who could benefit.

Andy McQueen, divisional director for mortgages and general insurance at the company, claimed that its deals for 75 per cent loan-to-value deals are among the best on the market.

He remarked: "The cuts of up to 0.31 per cent could benefit those buying a house, remortgaging, looking for additional borrowing or looking to switch deals."

Mr McQueen also noted first-time buyers can enjoy a further discount of £500 on certain deals.

The average reduction applied Nationwide five-year fixed-rate mortgages was 0.23 per cent, with the lowest change being 0.1 per cent.

This week, moneysupermaket.com noted that the number of five-year fixed-rate finance deals has increased ten-fold over the past three years, while the total number of mortgages available is 12 per cent of what it was in April 2007.