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Nationwide cuts standard variable rate

Nationwide is reducing its standard variable mortgage rate to 7.09 per cent from 7.29 per cent from December 1.

It says the move comes against growing expectations there will be a reduction in interest rates and is taking the lead in cutting its rate because of the increasingly competitive nature of the mortgage market.

Nationwide also points to recent cuts in savings rates from its competitors as motivation for the cut and says it will be interested to see if its rivals follow its lead.

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