New mortgage cuts announced

More mortgage lenders have announced reductions to the rates on their fixed-rate mortgages as falling swap rates make more cuts possible.

Nationwide has unveiled cuts of up to 0.3 per cent on selected tracker and fixed-rate deals, while it is introducing a new two-year tracker at 5.58 per cent with a fee of £999.

These new rates will apply from Friday September 12th.

Director of mortgages Matthew Carter said: "We are pleased to be in a position to reduce rates for the third time in six weeks and will continue to look for opportunities to make further reductions, where possible."

In addition to Nationwide, the Co-operative Bank has also said it is to reduce some rates from Monday 15th September.

It will trim its three-year fixed-rate deals from 7.09 per cent to 6.79 per cent, while the five-year fixed-rate mortgage will drop from 6.89 per cent to 6.19 per cent.

Both products are available at a loan-to-value of up to 75 per cent.