This move follows the announcement that the Bank of England base rate has been cut by 0.25%.
Nationwide's Base Mortgage Rate (BMR) will be the lowest rate paid by the majority of its existing borrowers for nearly 50 years (July 1955).
Nationwide's Base Mortgage Rate will remain around one percent lower than the standard variable rates of most other major high street lenders. Based on a £60,000 repayment mortgage, borrowers with Nationwide will save £403.00 over just one year by having their mortgage on the Nationwide BMR of 4.54% rather than the Halifax variable rate of 5.50%.
