Nationwide Building Society has confirmed it is to merge with the Derbyshire and Cheshire Building Societies.

Yorkshire Building Society (YBS) has announced it will cut the cost of fixed-rate borrowing, with effect from today.

As expected the Bank of England has held the base rate of interest in the UK economy at five per cent.

British homeowners have been left "confused and concerned" with regard to their mortgage options as a result of the credit crunch, preventing them from shopping around for a new deal.