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Nationwide cuts rates immediately on base rate announcement

Nationwide is responding immediately to the latest cut in base rates by dropping its standard variable rate mortgage by 0.5 per cent .


The lender says the reduction to 7.7 per cent will save both new and existing borrowers with a £60,000 interest only mortgage decreasing by £23.74 per month.


It says the cut will ensure its standard variable rate is the lowest of any major high street lender.

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