Nationwide tracker mortgages rates 'will go through the floor'

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Nationwide tracker mortgages rates 'will go through the floor'

Nationwide Building Society has announced that it will reduce the rates of interest on its tracker mortgages scrapping the interest rate 'floor' it had previously put in place.

The building society's tracker mortgages had included the condition that the interest rate would not fall below an artificial floor of 2.75 per cent, whatever the base rate of interest might be.

However, following the Bank of England's reduction in the base rate to two per cent yesterday, Nationwide have decided to scrap the floor, passing on the benefits of the cut to its tracker mortgage customers.

Graham Beale, Nationwide's chief executive, said: "While we were completely confident that the tracker floor was an enforceable condition, we have decided not to enforce it."

HSBC has also announced that it will pass on the benefits of the interest rate cuts to customers and Lloyds TSB has said it will reduce interest rates for businesses.

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