Nationwide and First Direct are the first to announce mortgage rate cuts
Nationwide Building Society today announced that it will decrease its Base Mortgage Rate from 1 May 2008 following a decision by the MPC to cut the Base Rate. First Direct has also cut its standard variable mortgage rate by 0.25% from today, 10 April 2008, passing on the full benefit of the Bank of England base rate reduction to its customers immediately.
With Nationwide the BMR will decrease by 0.25% from 6.74% to 6.49% leaving it around 0.50% lower than the standard variable rates (SVRs) of most other major high street lenders assuming that they also decrease their SVRs in line with the Base Rate. Savings rates are under review and any changes to these rates will be announced in due course. Existing tracker mortgages will decrease by 0.25%, moving in line with the Bank of England Base Rate. This change will be effective from 1 May 2008.
Nationwide also offer a range of flexible features, like giving the borrower the ability to overpay, underpay and take a payment holiday. Nationwide does not impose a higher lending charge for high percentage borrowing.
With First Direct the standard variable rate from the direct bank will now be 6.00% (6.2% APR), one of the lowest from any major bank or building society.
But don’t take their word for it! Make sure you Compare Mortgages before you decide which is the best mortgage for your circumstances. Click here to Compare Mortgages Today!