Nationwide cuts mortgage rates - 08/08/2008

New rates are available today for Nationwide mortgage customers, the building society has announced.

And borrowers are set to benefit to the tune of £599, as the lender has waived the reservation fee for those switching to the reduced-rate fixed products.

Interest on all two, three and five-year fixed-rate deals has been cut by as much as 0.25 per cent.

Head of mortgages at Nationwide Martyn Dyson explained that the building society is striving to offer the best possible deal, saying: "Once again we are in a position to reduce rates on a number of deals available to customers wishing to remortgage, switch their current mortgage deal or take a further advance."

The waiving of the fee is a move to reward customer loyalty, he added.

Today's cuts follow those made last month, when Nationwide dropped rates on two of its two-year tracker mortgages by a similar amount.

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