Nationwide slashes rates - commercial mortgages

16 October 2008

In news that may interest those with commercial mortgages, Nationwide Building Society has announced that it is to cut rates.

The firm's base mortgage rate (BMR) will be lowered by 0.3 per cent to 6.19 per cent, effective from November 1st.

This makes it the lowest BMR on the high street, the company stated.

In addition, existing tracker mortgages will be 0.5 per cent cheaper to reflect the Bank of England's decision to slash the central rate.

Nationwide claimed that it has made these changes in order to maintain its reputation for prudent lending.

Matthew Carter, divisional director for mortgages, commented: "Nationwide is committed to providing fair, affordable and sustainable mortgages."

He added that the company will strive to offer competitive low-fee products to customers.

Another high street lender that has unveiled rate cuts is the Co-operative Bank, which has also lowered its standard variable rate by 0.5 per cent following the Bank of England's move.