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Nationwide slashes standard variable mortgage rate

Nationwide Building Society has slashed its standard variable mortgage rates by 0.2 per cent.

It means its SVR will be cut from 7.11 per cent to 7.09 per cent and reduces monthly payments on a £100,000 interest only mortgage by £16.66.

The move is aimed at increasing Nationwide&#39s competitive advantage over other high street banks, the majority of which charge standard rates of 7.74 per cent.

The building society also announced that between May and October it increased its mortgage market share from 8.5 per cent to 10.1 per cent and new net lending totalled £2.3billion for the same period.

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