Mortgages Uncovered

Finally, the good news in flowing in and with the Nationwide and The Co-operative Bank both cutting their mortgage rates it means further good news for some amongst the recent struggles.

Nationwide has cut the interest on certain mortgages which include some of its’ fixed rate and tracker loans which has meant a cut of nearly up to 0.3%.

Also, Nationwide introduced a brand new 2 year fixed rate mortgage loan, available from a mere 5.58% and with a standard arrangement fee of £999.

The Building Society now says it is also waiving some of the original reservation fees for a limited time only; however, this is a deal saved for only existing borrowers who may be looking to switch their mortgage deal arrangement with the Nationwide.

The reservation fee was on the lender’s 5 year fixed rate and 2 year tracker mortgage products and is now rising from £1,499 to a £1,999.

All Nationwide customers who are due a mortgage interview (in a branch or even over the phone) and before 30th September 2008 will also be entered into a free prize draw and the ten winners will get £10,000 in mortgage payments paid by the Nationwide for a full year.

Then, Co-operative Bank announced on that from 15th September, it was now slashing the cost of its’ 3 and 5 year fixed rate mortgage products for borrowers who have a 25% deposit, by 0.3% and 0.7%.