Nationwide announces interest rate cut

Nationwide have announced this week that they have cut rates on some fixed rate mortgages by up to 0.50% and some tracker rates by up to 0.70% whilst other lenders have been busy amending their own product ranges. This amount of activity from so many lenders has many believing an increase in the Bank of England base rate is more likely than at any time since the rate was dropped to its previous all-time low of 0.50%. This of course adds more fuel to the fire that an increase in interest rates is due this week.An upwards move to the interest rate on Thursday would draw to a close the longest period in living memory without an interest rate rise, with the last in July 2007, when rates increased to 5.75%.By announcing early Nationwide could be looking to capitalise on homeowners who may be worried about what a potential rise...
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