Nationwide cuts mortgage rates

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Nationwide has announced it has reduced the interest rates on its two-year and five-year fixed rate mortgages.

The building society is now offering a two-year fixed rate loan with a £599 fee and a rate from 5.95 per cent, along with a similar deal with no fee and rate from 6.35 per cent.

Its five-year fixed rate mortgage for house purchase is also available with a £599 fee and a rate from 5.85 per cent.

The lender has also reduced rates in other remortgage or additional borrowing loans, as well as cutting its deal for Nationwide customers that are changing mortgage.

Matthew Carter, divisional director for mortgages at Nationwide, said that recent reductions in money market swap rates had enable the company to reduce some rates.

"This is good news for homebuyers, re-mortgage customers and borrowers who are coming to the end of their existing deals," he added.

Last month, Abbey announced that it was passing the April rate cut by the Bank of England's monetary policy committee on in full to its borrowers.

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