Nationwide mortgage rates cut

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Nationwide mortgage rates cut

Nationwide has announced plans to reduce its standard variable mortgage rate by 0.25 per cent, following the Bank of England's decision to cut interest rates by the same amount.

The rate now stands at 6.49 per cent, which the building society claims is one of the lowest standard variable rates available among the high street lenders.

Existing tracker mortgages will also decrease by 0.25 per cent, effective from May 1st.

In a statement, the society said: "A range of flexible features is available on all Nationwide mortgages, offering the borrower the ability to overpay, underpay and take a payment holiday."

It is currently reviewing its savings rates and will announce any changes in due course.

In other news, Nationwide Specialist Lending recently raised concerns about the new changes to the housing benefit system.
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