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Nationwide first to drop rates

The Nationwide raised its mortgage rate on Friday, becoming the first to do so after Thursday&#39s rate rise.


The society will raise its standard variable mortgage rate by 0.25 per cent to 6.95 per cent from 1 February.


The move by Nationwide is expected to be followed by most of the other lenders after the Bank of England&#39s decision to raise its base lending rate by 0.25 per cent to 5.75 per cent.

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