Monday, August 3, 2009
40% deposit anyone?
LONDON (SHARECAST) - Nationwide is cutting the cost of some fixed and tracker rate mortgages by as much as 0.5%, although only those with a 40% deposit and Â£995 fee will get the best deals. Britainâ€™s third largest mortgage lender will offer a four-year fix at 5.08%, down from 5.58% before, while a two-year tracker drops to 3.08 points above the 0.5% base rate. The move will raise hopes that other lenders follow suit, but critics point out that first time buyers will still find it tricky to find such large deposits.