Following the trends set by numerous leading UK banks, Nationwide Building Society has announced it will be cutting rates for borrowers.
Tracker mortgages will be reduced by 0.25 per cent whilst the Base Mortgage Rate will be cut by 0.10 per cent.
The cuts come in response to the Bank of England’s decision to decrease the Base Rate by 0.25 percent last week.
Many of the UK main lenders, including Halifax, Cheltenham & Gloucester have already responded to the rate cut, which is good news for borrowers.
Nationwide's Base Mortgage Rate will be 5.89%, which is around 0.60% lower than the standard variable rates of most other major high street lenders.
The change in rates will come into effect on the 1st September for both new and existing borrowers.
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