Thursday 17th July 2008
Nationwide will cut some of its fixed rate and tracker deals by up to 0.46 per cent, the firm has announced.
The move is an example of further positive sentiment in the UK mortgage market, and marks Nationwide's second reduction of rates in two weeks.
Other lenders including HSBC have also announced recent reductions, while the sector has also been buoyed by takeover news from Alliance & Leicester.
The firm has struck a £1.25 billion deal with Spanish financial services giant Santander, which already owns Abbey.
Commenting on the news to the BBC, Drew Wotherspoon at brokers John Charcol said: "With one of the country's leading lenders taking this welcome step, this should be a sign of things to come."
Matthew Carter, divisional director for mortgages at Nationwide, added: "As a building society we always aim to offer our members the best possible deals.
"For the second time this month, we are in a position to reduce the rates on mortgages, offering some of the most competitive rates in the market."
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Mortgages
As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that... 
