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Making cuts
TWO LEADING mortgage providers have passed on interest rate cuts on some of their mortgage products in the midst of
predictions further cuts will be made in the summer.
Natwest and the Royal Bank of Scotland have both cut the
interest rate on popular mortgages and Nationwide have put measures in place to make it easy for first-time buyers to enter the market.
Nationwide are offering first-time buyers a £300 discount on reservation fees and £100 discount on legal fees to lighten the load of obtaining a mortgage.
Among these cuts, there is talk about further interest rate cuts, which would help reduce mortgage costs.
Abbey has already lowered the interest rate on its tracker mortgage by 0.1 per cent following the Bank of England's £50bn bond scheme to aid liquidity in the industry.
Homeowners are also being urged to check the terms of their current mortgage to see if they are entitled to a
repayment break if they are struggling to meet their monthly payments.
Sean Gardner from money Expert said: "With around six in 10 mortgage products coming with a potential payment
holiday written into the terms and conditions, cash-strapped homeowners can at least enquire about taking a break."
10:56am Wednesday 7th May 2008
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