The i - Fresh wave of home-loan reductions heralds return of the sub 5% mortgage

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A fresh wave of mortgage rate reductions has led to a number of deals sitting below 5 per cent hitting the market.

The latest cut is from Nationwide, which announced it is reducing its three-year and five-year fixed deals, making them the cheapest available to new customers buying a home.

From Wednesday, it will lower existing rates by 0.45 per cent. A three-year fix will be reduced to 4.99 per cent and a five-year fix will fall to 4.74 per cent for new purchases. For those re-mortgaging, the three-year fix will become 5.29 per cent and the five-year fix will sit at 4.89 per cent.

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