Nottingham cuts fixed rate

NOTTINGHAM Building Society is offering loans fixed at 8.9 per cent, its lowest fixed deal yet, representing a saving of 1.8 per cent on the society's basic mortgage rate of 10.7 per cent. The fixed rate period ends in August 1993 so borrowers need to move quickly to make the most of the offer.

The mortgage can be transferred to a new property if the borrower decides to move house in less than a year. The arrangement fee is pounds 75 and borrowers must take out the Nottingham's buildings and contents insurance.

Cheltenham & Gloucester Building Society is still marketing its 9.6 per cent fixed-rate deal which runs for a full two years from when the loan is taken out. It replaced a five-year fixed-rate loan of 9.4 per cent.

----------------------------------------------------------------- SIX OF THE BEST Mortgages ----------------------------------------------------------------- Type Source Deal ----------------------------------------------------------------- Variable Halifax BS 8.5% inc 1st-time buyers' discount Fixed Cheltenham & Gloucester BS 9.6% for two years Capped Mortgage Services 9.99% to Jun 1997 ----------------------------------------------------------------- Source: John Charcol 071-589 2626 -----------------------------------------------------------------