Nationwide cut mortgage rates

From 18th May, Nationwide has reduced its two and five year fixed rates by 0.10%.  This includes the NewBuy five year fixed rate loan which is now at 5.99%.  
Tracie Pearce, Head of Group Mortgages, Product & Pricing at Nationwide commented:
"At a time when many lenders are increasing their rates, we’re pleased to offer our customers some good news by continuing to reduce ours. It’s particularly welcome for those wishing to fix for five years, especially as earlier this month we cut the product fees by half.
"We’re also cutting our five year fix NewBuy rates again, which, combined with the fee discount, are cheaper than when they were launched earlier this year."
This news comes as a Hometrack study questions the effectiveness of the NewBuy scheme, citing the high interest rates which mean that the cost is higher than renting.  
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