Nationwide cuts rates to help 'payment shock' borrowers

Five-year and 25-year deals will see rates cut, while the former will also have lower fees. Home mover deals, for those purchasing a home, will see five-year rates cut to 5.63% and fees have been lowered by £100 to £499. The 25-year deal is now priced at 5.98%, a cut of 0.36%. Remortgage and additional borrowing is to be priced at 5.63% for a five-year deal, with fees falling £100 to £499, while 25-year rates are priced at 5.98%, bringing them into line with purchase loans. Nationwide’s five-year switcher deal is also being cut to 5.63% and benefits from no fees. Commenting on the move...