The Natwest Bank has announced a reduction to its tracker and fixed rate mortgage rates with cuts of up to 0.3 percent.
Most of the Natwest Bank mortgages have seen rate reductions of 0.1 percent, though a small number have had the full 0.3 percent taken off them, something anyone looking for a mortgage will appreciate. The bank has also introduced a three year tracker that steps down on its rate each year.
A spokesman discussing the rate cuts stated that the Natwest Bank was committed to doing what it could for borrowers in what are difficult times. They are pleased to be able to help both first time buyers and those moving on, feeling that both parts of the housing market need to be helped in order for growth to be seen.
Effective from 16 May the Nationwide Building Society will have reduced interest rates on both two year and five year fixed rate mortgages.
The two year fixed rate mortgage will have a new rate of 5.95 percent with just a GBP599 arrangement fee. There is also a fee-free Nationwide Building Society two year foxed rate mortgage that will be available at 6.35 percent. These rates are for people moving house but there is also a remortgage offer, with rates of 6.15 and 6.55 percent respectively for the same mortgage offers as above.
The longer five year fixed rate mortgage can be had at 5.85 percent for house purchasers, again with a GBP599 fee, while the remortgage option is 5.95 percent. Customers coming to the Nationwide Building Society to change mortgage from a different company are also entitled to a special offer on a five year fixed rate mortgage, with no fee, at 5.95 percent.
According the the Alliance and Leicester mortgage department there are around 3.25 million homeowners who would like to move house in the coming year.
This appears also to drive the move to home improvements, although that is also being pushed on by those who feel that they will be unable to move and so are improving their homes to make them better suited to their current requirements. The Alliance and Leicester found that around 20 percent of homeowners are making home improvements in order to make their property more attractive to buyers whilst half of them are doing it to avoid the issues associated with selling.
One the key areas people want to improve, said the Alliance and Leicester, is the number of bedrooms, always a key issue, especially with families. This is one of the biggest reasons for moving, especially as it can be very costly or totally impractical to add a bedroom to many properties.
