Nationwide mortgage rate cut |
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| Written by Paul Williams | |
| Thursday, 08 January 2009 | |
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Nationwide says they will pass on a 0.5% cut on their Base Mortgage Rate.
Following the decision by the Monetary Policy Committee (MPC) to cut the Bank of England Base Rate, Nationwide Building Society today announces that it will decrease its Base Mortgage Rate (BMR) from 4.00% to 3.50% from 1 February 2009. Nationwide’s BMR is already the lowest amongst high streetlendersand this move will maintain that position as well as reduce monthly payments for a borrower with a £150,000 interest only mortgage by £62 a month.The standard variable rates of the Derbyshire and Cheshire building societies will also fall to 3.50% from 1 February 2009. As Nationwide holds its guarantee that BMR will never be more than 2% above the Bank of England Base Rate, any further rate reductions will also be passed on by the Society in full.
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