Nationwide passes on full 0.15% BoE base rate cut
Nationwide passes on full 0.15% Bank of England base rate reduction to existing variable rate borrowers.
Nationwide’s Base Mortgage Rate and Standard Mortgage Rate will reduce to 2.10% and 3.59% respectively, with these new rates coming into effect on 15 April.
Borrowers on an existing tracker rate mortgage will also see their rates reduce by a further 0.15%.
Henry Jordan, director of mortgages at Nationwide said: “With a second cut in interest rates in just over a week, it is important that borrowers have clarity about what this second change means for them and the future interest and payments on their mortgages.
“We understand the concern our members are feeling at the moment, including homeowners.
“As a member-owned organisation, we want to ensure we are able to continue offering our usual high standard of service at the same time as helping all our members through what is an uncertain period.
“As such, we recently announced a range of support options for members financially impacted by coronavirus, including mortgage payment holidays, which can now be applied for online.”