Pressure from the Government on the Banks is finally starting to pay off. The main mortgage lenders have started to respond to the demand that they should cut their mortgage lending rates. The Nationwide, HBOS, Royal Bank of Scotland, Natwest and the Northern Rock will cut their main variable lending rates by the full 1.5% on 1 December. (more…)

The Nationwide Building Society has raised the cost of its fixed rate mortgage for the second time in two weeks, meaning its two-year fixed rate deal has gone up by 0.5%. The Nationwide is not alone in this move as Woolwich has also raised rates. In fact, the Woolwich plans to pull itw two-year fixed rate range as funds run out. (more…)