Nationwide has announced that holders of its secured loans that track the Bank of England's base rate will see reductions next month.
From November 1st, tracker mortgages with the lender will drop by 0.5 per cent.
In addition, Nationwide's own base rate will be lowered by 0.3 per cent, from 6.49 per cent to 6.19 per cent, something it believes makes it the best value option.
"Nationwide's standard mortgage rate will become the lowest on the high street. We continue to offer help for first-time buyers and existing customers by giving them access to competitive low fee products," said divisional director for mortgages Matthew Carter.
The move follows the Bank of England's decision to lower its base rate by 0.5 per cent last week.
Moneyfacts.co.uk analyst Michelle Slade noted recently that Abbey, NatWest and Royal Bank of Scotland had offset the cut by raising tracker mortgage rates.
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