Lender cuts mortgage rates

Nationwide has cut some of its tracker and fixed-rate deals, it has announced.

It has unveiled a series of new deals with loan-value (LTV) levels of up to 85 per cent, or 95 per cent for existing customers who are home movers.

The lender has also reduced its rates on several tracker products and on some remortgages.

“We’ve cut nearly 70 individual rates on our mortgages by up to 0.8 per cent,” mortgage director Andy McQueen said, giving as an example the reduction of the two-year fixed rate deal from 4.88 per cent to 4.28 per cent.

Abbey has also announced a series of new mortgage offerings.

It has said its “homebuyer” range will include covering upfront costs such as valuations and legal fees, saving up to £1,650 per housing transaction.

The LTV’s being offered on these products range between 70 per cent and 85 per cent, the latter being a two-year fixed deal at 5.99 per cent.

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