Nationwide mortgage interest rates cut
www.moneynews.co.uk > Mortgages > Nationwide mortgage interest rates cut
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Nationwide mortgage interest rates cut
Fri 9th Jan 2009
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The building society said that its base mortgage rate (BMR) will be reduced to 3.5 per cent, passing on the full benefits of yesterday's 0.5 per cent cut in interest rates.
Nationwide said that Cheshire and Derbyshire building societies, which it owns, would also drop their rates to 3.5 per cent and added that its BMR will continue to fall if the base rate is cut further.
In a statement, Nationwide said: "Nationwide holds its guarantee that BMR will never be more than two per cent above the Bank of England base rate, [so] any further rate reductions will also be passed on by the society in full."
HSBC and Lloyds also announced they will pass on the cuts to all mortgage customers, but Abbey, NatWest and the Royal Bank of Scotland have not done so for the time being.
Click here for more mortgage news
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Related News : Nationwide |
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