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Nationwide cuts mortgage rates

Nationwide Building Society is launching a new fixed rate mortgage product and is reducing the rates on some of its existing loans.

The new product is a one year fixed rate available from 4.9 per cent. The rate on its two year fixed mortgage is being cut by 0.44 per cent to 5.45 per cent, on its three year rate it has made a cut of 0.34 per cent to 5.55 per cent and the 0.14 per cent reduction on the five year product brings the fixed rate down to 5.75 per cent.

Nationwide marketing and commercial director Stuart Bernau says: “The new fixed rates underline our commitment to offer borrowers excellent value.”

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