Nationwide and Halifax go lower

HALIFAX and Nationwide building societies have launched new fixed-rate loans with lower rates.

The Halifax loans have stepped rates and there are separate ranges for first-time buyers, existing customers and others. The lowest rate for first-time buyers is 6.25 per cent, until the end of January 1995, rising to 6.75 per cent until the end of January 1996. There are higher rates for longer periods.

Nationwide's deals range from 5.99 per cent for two years for first-time buyers to 8.95 per cent for 10 years available to all borrowers.

Confederation Bank's five- year fix has an arrangement fee of pounds 295 and the borrower is not required to take out any compulsory insurance.

Bank of Ireland Mortgages is offering a rate of 3.75 per cent until 1 January 1995 and borrowers can take this on a fixed or capped basis.