Nationwide lowers its mortgage reservation fees
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In an effort to encourage people to have longer-term secure mortgage payments, Nationwide Building Society is lowering its reservation fees.
In an effort to encourage people to have longer-term secure mortgage payments, Nationwide Building Society is lowering its reservation fees for its five and ten year fixed rate mortgages.From this Friday the reservation fee for these mortgages will be £199, reduced from £389.
Steve Clode, marketing director at Nationwide 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."
However to offset those price reductions, from tomorrow Nationwide's valuation fees will be more expensive, for example the fee to value a house between £150,001 and £200,000 will go up from £280 to £325.
The building society claims that despite the increase their valuation fees are competitive against other mortgage providers.
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