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Nationwide slashes mortgage rate

Nationwide is cutting its standard variable rate mortgage by 0.6 per cent to 6.49 per cent from 7.09 per cent and renaming it the base mortgage rate (BMR).

Nationwide&#39s new BMR will be 1 per cent lower than Abbey National&#39s SVR of 7.49 per cent and 1.01 per cent lower than Halifax&#39s SVR of 7.5 per cent.

The cut forms part of an overhaul which will see Nationwide no longer offering discounted mortgages for new lenders – offers it feels have been subsidised by existing borrowers.

HSBC said Nationwide was following its lead after it cut its rate last year to 6.5 per cent.

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