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Nationwide cuts fixed-rate mortgages

May 14, 2008 by admin  
Filed under News, News-Mortgages

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Nationwide, the UK’s third largest mortgage lender, has announced it is cutting interest rates on some of its fixed-rate mortgages by 0.3 per cent.

The building society has said it will reduce rates on its two and five year fixed-rate deal as of Friday (May 16th).

“Recent reductions in money market swap rates mean we are able to reduce the rates on our two year and five year fixed-rate mortgages,” said Matthew Carter, director of mortgages at Nationwide.

This comes after several months of banks and building societies tightening their lending criteria and increasing rates because of the .

According to tradingmarkets.com, the move could signify an end to this recent trend.

The Bank of England’s launch of a special lending facility in April this year could also alleviate conditions in the mortgage market.

Fixed-rate mortgages shot up in popularity last month, according to mortgage brokerage John Charcol.

The products saw a 64 per cent increase between March and April.

Tags: com, interest, building societies, fixed rate mortgages, global credit crunch, credit, trend, market

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