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Date added: 08 January 2009

Nationwide re-thinks again and lowers tracker rates 

Building society lowers rate 'floor' after Bank of England slashes Base Rate to 1.5%
The Swindon-based Nationwide Building Society has had a re-think on its tracker mortage rate.

The Bank of England slashed the Base Rate to 1.5% today, and Nationwide say they will now pass this cut onto its tracker mortages customers despite a previous decision only to reduce their rates to a minimum of 2.75%.
'For tracker mortgages reserved before 6 November 2008, we will be applying a 2% floor as a temporary concession' the Society said in a statement, which continued:
'Tracker mortgages reserved since 1 December 2008 have a floor of 1%, therefore these customers will receive the full cut of 0.50% to their tracker interest rate from 1 February 2009'
Earlier this week, Nationwide announced house prices have fallen by 15.9 per cent in the last twelve months according to their House Price Index.
Nationwide statement
  Nationwide Building Society  
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