Tracker mortgage rates are to be cut at Nationwide Building Society.
The mortgage lender announced that it will reduce mortgage rates on its tracker mortgage range by 0.25 per cent from September 1st.
Both new and existing mortgage borrowers will also be able to take advantage of its 0.10 per cent reduction in its base mortgage rate.
The mortgage lender's announcement is in line with a trend in the last week in which mortgage lender's reduced mortgage rates following the Bank of England's quarter per cent interest rate cut.
Nationwide's new base mortgage rate will now be set at 5.89 per cent, which is claimed to be around 0.60 per cent lower than the average standard variable rate available from high street lenders .
People with an average Nationwide interest-only mortgage of £100,000 could save more than £600 annually by opting for the mortgage lender's base mortgage rate rather than some high street variable rates of 6.50 per cent.
All Nationwide mortgages allow for overpayment, underpayment and payment holidays . No higher lending charge applies to high percentage borrowing, adding flexibility.
Nationwide announces mortgage rate cuts
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Nationwide announces mortgage rate cuts
Thu, 11 Aug 2005
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