Mortgage rates have been cut by two major high street lenders following the 0.25 per cent fall in bank base rate.Alliance & Leicester and Nationwide are cutting rates on a selection of mortgages. A&L is reducing its standard variable mortgage rate by 0.25 per cent to 6.59 per cent, equivalent to a 7 per cent APR. The rate is effective from August 15 for new borrowers and from September 2 for existing borrowers. A&L mortgage products tracking the Bank of England base rate WILL also change. Rates for new borrower products fell by 0.25 per cent last week and existing borrower products will see a fall from September 1. Nationwide is dropping the rate on its tracker and base rate mortgages by 0.25 per cent and 0.10 per cent respectively. Its base mortgage rate will now be 5.89 per cent. These rates apply to new and existing borrowers and are effective from September 1. Nationwide says its rates are under general review and further amendments will be announced.