Nationwide has defied recent trends by cutting some of its fixed-rate mortgages. The Daily Mail and Daily Express both reported that the lender had cut the cost of a five-year fixed-rate loan for those with a 25pc deposit to 5.85pc, down from 6.15pc. A similar two-year deal is offered at 5.95pc. For those with deposits of 10 per cent, a five year deal is now 6.05 per cent, down from 6.35 per cent and mortgage experts predict other lenders could follow Nationwide’s move.
Elsewhere, the Times reported that the number of loans for house purchases in the three months to April fell to their lowest level since 1975 at 142,300, down from 225,700 in the previous quarter.