Nationwide slash mortgage rates

Nationwide has announced that it is cutting the price on some of its fixed rate and tracker mortgage deals, raising hopes that the worst of the lending crisis is over.

The UK's largest building society announced on Friday (July 4th) that from July 9th it will be reducing its two year fixed rate and two year tracker mortgages by up to 0.27 per cent - while also launching a new two year tracker, available from 5.78 per cent with a £1,499 fee.

The new two year fixed rate with £599 fee, will be available from 6.48 per cent, while the two year tracker with £599 fee will available from 5.98 per cent

Matthew Carter, divisional director for mortgages at Nationwide, insisted that the building society aimed to offer their customers the best possible deals.

He said: "These price changes reinforce our message that, despite tougher market conditions, we remain very much open for business.

"These changes complement existing competitive three year products with reductions to key fixed rate and tracker deals."

Halifax and Abbey also announced last week that they too are trimming the prices of some of their tracker rate mortgages.

Mortgages News posted on 07/07/2008 10:27:04