Nationwide cuts fixed-rate interest on two-year offerings

Nationwide has announced a cut in the interest rates on some of its fixed-rate deals.

The move came into effect on November 1st and applies to the building society’s two-year fixed-rate offerings, bringing the rate for such a mortgage with a £599 fee down to 5.59 per cent.

Those struggling to meet their mortgage repayments and facing the possibility of needing debt advice may welcome the news, which, according to the lender, makes the rates “one of the most competitive on the high street”.

“We are pleased to be able to cut the price of some of our fixed rate deals,” divisional director for mortgages at Nationwide Matthew Carter stated.

However, those with tracker mortgages through the lender will be concerned to hear that it is increasing rates on selected products, with a two-year tracker at 60 per cent loan-to-value now carrying an interest tate of 6.08 per cent.

The move follows a recent announcement from Abbey, which stated it is to reduce the interest on its two, three and five-year fixed-rate deals.

By Tom Musk