Nationwide to decrease mortgage rates by 0.25%

Nationwide Building Society has announced that it will decrease its Base Mortgage Rate (BMR) from 1 May 2008 following a decision by the MPC to cut the Base Rate.

The BMR will decrease by 0.25% from 6.74% to 6.49% leaving it around 0.50% lower than the standard variable rates (SVRs) of most other major high street lenders assuming that they also decrease their SVRs in line with the Base Rate. Savings rates are under review and any changes to these rates will be announced in due course.

Existing tracker mortgages will decrease by 0.25%, moving in line with the Bank of England Base Rate. This change will be effective from 1 May 2008.

A range of flexible features is available on all Nationwide mortgages, offering the borrower the ability to overpay, underpay and take a payment holiday. Nationwide does not impose a higher lending charge for high percentage borrowing.