Fixed rate mortgages are dropping

BRITAIN’S biggest building society has unveiled some of its lowest ever ¬mortgage deals for first time buyers — ramping up the war between lenders.
Nationwide Building Society is cutting rates on selected two and five-year fixed and two-year tracker mortgages by up to 0.1%.ETTY IGES
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Nationwide is cutting rates on selected two and five-year fixed and two-year tracker mortgages by up to 0.1 per cent

For those with a 10 per cent deposit, often first time buyers, its two-year fixed rates have been cut to 2.19 per cent with a £999 fee and 2.59 per cent with no fee.
They are some of the lowest Nationwide rates ever in this range.TTY IMAGES
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Santander recently made rate cuts of up to 0.3 per cent.

Nationwide’s Henry Jordan said: “We are making further reductions, with several Nationwide mortgage rates reaching historic lows.”
It comes after Yorkshire Building Society last week launched a 0.89 per cent rate — the lowest on record.3
Henry Jordan said that mortgage rates are reaching historic lows.

Rob’s comments, I am often asked what the rates might do in the future? It is a difficult question but I always have the same response. For the last couple of years, I have not seen the rate of interest go up except for 95% fixed rate loans with a couple of lenders and upon investigation with these banks I was told that the reason for the fixed rates going up was because of the banks’ exposure to this high LTV market. SO, I have no physical evidence that rates will go up soon but these ultra-low rates need to be taken advantage of.

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