Nationwide to make mortgage changes

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A leading mortgage lender in the UK is making a number of changes to its range of products.

Nationwide has revealed that from this Thursday it is cutting its fixed rates by around 0.20 per cent, while it is also introducing a new five-year deal with a £1,499 fee and a rate of 5.88 per cent for house purchasers.

The company is also planning to increase maximum borrowing for large borrowers with a loan to value of 60 per cent.

Matthew Carter, the organisation's director of mortgages, said the firm was "pleased" to be able to reduce its rates.

He added: "These changes demonstrate our commitment to offering good value mortgage deals in what continues to be a challenging time in the market."

Recent research by Nationwide found that around 25 per cent of borrowers are expecting to pay their lenders' standard variable rate longer than they would have previously planned.

It was also found that 56 per cent are more likely to shop around for a new deal than they were last time.

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