Nationwide mortgage rates cut

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Nationwide mortgage rates cut

Nationwide has announced today that it will cut its base mortgage rate from December 1st, in a move that could be good news for prospective house buyers.

The rate, which will dictate the rate of interest paid by most Nationwide mortgage-holders, will fall by 1.5 per cent.

Nationwide claims that this is to match the change in the Bank of England's base rate - also cut by 1.5 per cent - at the start of this month.

Matthew Carter, Nationwide's divisional director of savings, said: "We [have] passed on the full 1.5 per cent cut to mortgage borrowers following the decrease to base rate."

Earlier this month many mortgage lenders came under pressure from the government for not passing on the cut in the base rate quickly enough.

Lloyds TSB and Abbey announced cuts in their rates of interest the day after the Bank of England slashed the base rate.

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