The Nationwide Building Society has just announced cuts to its range of fixed rate and tracker mortgage products.
Applicable from 9 July the Nationwide Building Society 2 year tracker mortgages will have an interest rate of just 5.78 percent, with a fee of GBP1,499 payable. The 2 year fixed rate mortgages will have their rates confirmed shortly, since they were unavailable at the time of writing.
A spokesman from the Nationwide Building Society declared these cuts as indicating how committed they are to supporting the housing market, and their customers. The Nationwide is open for business he said.
The latest offer in the mortgage market comes from Lloyds TSB which has introduced a new Airmiles mortgage.
The Lloyds TSB mortgage is not as novel as it sounds, the Airmiles being provided for taking out the mortgage, customers are not able to pay it off using them. The three tear fixed rate offer gives customers 50 Airmiles when signing up plus a further 6,000 when it is completed. The interest rate on the mortgage begins at 5.89 percent depending on applicant circumstances.
As a spokeswoman from Lloyds TSB said, this new mortgage combines a good rate of interest, a decent length fixed term and also a practical and useful reward that customers can use.
The Nationwide Building Society housing data for April reveals that house prices fell by just over one percent during April, taking them to a lower price point than the same time last year.
This latest house price fall takes the market to a position where, for the first time in ten years, there has been a year on year decrease. A Nationwide Building Society spokesman thought that the falling price of property showed how lack of affordability and more difficult access to mortgages was really pressing the market.
They also went on to say that, with the market falling as it has been doing it may prompt further base rate cuts by the Bank of England. The Nationwide Building Society figures show a steep fall in property transactions over the last six months or so and this latest data suggests something really needs to be done to stimulate activity once more.
