Lender trims rates on mortgages

Nationwide Building Society has revealed it is cutting some of its mortgage product rates by as much as 0.6 per cent.

The changes apply to its two and three-year rates for both fixed and tracker loans.

A two-year deal with an £896 reservation fee is available on a fixed basis at 3.69 per cent or as a tracker starting at 2.64 per cent.

It is also offering a two-year rate at 3.99 fixed or 2.94 for a tracker with no reservation fee.

In addition to this, a three-year deal can be had at 4.39 per cent on a fixed basis, or as a 2.99 per cent tracker.

Commenting on the new products, mortgage director of Nationwide Andy McQueen said the changes are “good news for those looking to move home in the new year”.

Bank of England figures out this week revealed that the number of home loans agreed in November was 60,518, compared to 57,718 in October.

The number of remortgages was also up during the month, rising from 24,513 to 24,897.

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