Nationwide mortgage range changed to suit market

Date:Wednesday 7th April 2010
Author: Susanna Kavka

An average reduction of 0.3 per cent across its existing tracker and fixed-rate deals will target homeowners' specific needs, with the largest cut of 0.59 per cent to the two-year fixed-rate deal aimed at remortgage customers.

Martyn Dyson, head of mortgages at Nationwide, said the "raft of cuts" would improve the lender's mortgage range.

He added: "We are improving our great rates for borrowers buying a house, but the largest cuts are on our remortgage deals, in particular on the two and five-year fixed-rate products."

If a customer decides to reserve a product before April 29th it will stay at the Bank of England base rate, which is certain not to exceed more than two per cent.

Nationwide recently announced that last month's house prices increased by 0.7 per cent, which is almost a complete reversal of the 0.8 per cent decline in February of this year.