Nationwide slashes mortgage fees

13 October 2005
Nationwide Building Society is cutting the reservation fees on its five and ten year fixed rate mortgages by almost £200.

The building society is dropping the fees on both types of mortgages from £389 to £199 to encourage customers to keep payments fixed for longer.

Marketing director at Nationwide, Steve Clode, said: "Fixed rate mortgages are becoming increasingly popular as people want to manage their finances more effectively and budget for the long-term.

"We hope by cutting the cost of our reservation fees on five and ten year fixed rates, more people will choose to fix their payments for longer."

Nationwide says that fixed rate mortgages allow homeowners to plan financially for a longer period, are more convenient because customers do not need to change mortgages as frequently and will incur fewer arrangement fees are a result.

Also this month, Nationwide is increasing all valuation fees for homebuyers from October 13th.

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