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Nationwide passes on full rate cut

Nationwide is passing on the full 0.5 per cent of the Bank of England&#39s base rate cut to borrowers.

The reduction sees its base mortgage rate cut to 4.74 per cent. Its standard variable rate is cut by 0.5 per cent to 5.24 per cent.

The rate cut, which takes effect on December 1, will save borrowers with a £60,000 interest only mortgage £25 a month.

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