Nationwide passes on base rate cut to mortgage customers

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Nationwide passes on base rate cut to mortgage customers

Fri 6th Feb 2009

Nationwide's mortgage customers will benefit from yesterday's cut in the base rate of interest, the building society has announced.

Those Nationwide customers who took out tracker mortgages after December 1st will see their rates fall by 0.5 per cent.

Nationwide said its standard variable rate will also be reduced, as will the rates of interest charged by the Cheshire and Derbyshire building societies, two of its subsidiaries.

Andy McQueen, mortgage director at Nationwide, said: "All existing Nationwide borrowers with a base mortgage rate will benefit from a reduction in their monthly mortgage payments."

He added that Nationwide has been consistent in reducing its rates since the series of base rate cuts began in October last year.

Yesterday's cut, which reduced the base rate to one per cent, follows on from cuts in November, December and January which totalled two per cent.

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