Banking boost for borrowers

Nationwide to cut mortgage rates as low as 3.89%

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Britain’s biggest building society is cutting mortgage rates as low as 3.89%, as banks announced changes that could boost people’s ability to get a mortgage or borrow more.

Nationwide Building Society said that from Wednesday it will cut rates by up to 0.25 percentage points on selected two, three and five-year fixed rate products across its first-time buyer and home mover ranges.

The deals will include a two-year - or a five-year - fixed rate at 3.89%, for borrowers with a 40% deposit, with a £1,499 fee. This is available to existing and new Nationwide customers who are moving home.

A first-time buyer two-year fixed-rate mortgage will also be offered at 4.09%, for borrowers with a 40% deposit, with a £1,499 fee.