Rate cut announced by Nationwide

A high street building society has offered customers some debt help by announcing that its mortgage rates are to be reduced.

Nationwide has revealed that its base mortgage rate (BMR) will be cut by 0.3 per cent, down to 6.19 per cent.

The reduction, which will come into force on November 1st, makes it the lowest BMR on the high street, the firm stated.

Furthermore, its existing tracker mortgage rates will be slashed by 0.5 per cent in order to reflect the Bank of England’s change in the central rate.

The company claimed that the lowering of rates on its homeowner loans strengthens its reputation for prudent lending.

Commenting on the announcement, spokesperson Matthew Carter said: “Nationwide is committed to providing fair, affordable and sustainable mortgages.”

Meanwhile, the Co-operative Bank has also acted on the national base rate cut, by reducing rates by 0.5 per cent on standard variable products.

By Jamie Price

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