Nationwide reduces rates on five-year fixed mortgages

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Nationwide reduces rates on five-year fixed mortgages

One of Britain's largest mortgage lenders has reduced all of its five-year fixed-rate home loans for new applications from today (September 1st).

Nationwide is cutting its rates across the board by 0.1 per cent, with one loan now available at 3.69 per cent with a 70 per cent LTV and a £500 fee discount for first-time buyers.

However, a variety of other fixed-rate mortgages are also available, with LTV options up to 85 per cent, ensuring that the products are "amongst the most competitive in the marketplace", according to Martyn Dyson, head of mortgages at the lender.

"We know from our mortgage consultants and brokers that five-year fixed-rate products are popular with borrowers," he added.

The reductions are designed to encourage first-time buyers into the marketplace, as research released today from the lender revealed that house prices declined by 0.6 per cent in August.

As such, the price of a typical house is now 0.4 per cent lower than at the same time in 2010.

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