Huge rise in number of cheap five-year fixed-rate mortgages
Nationwide has announced that it will not enforce the floor on its tracker rate mortgages, it has revealed.
The mortgage lender had in place a clause which meant that the rate on such accounts could not fall below 2.75 per cent, but has announced it will not be putting this into effect.
Graham Beale, Nationwide's chief executive, explained that this means those on tracker rate mortgages will benefit from the full one per cent cut in the Bank of England base rate announced on Thursday.
He said: It is clear, fair and reasonable that in the very challenging financial environment that many people are experiencing, waiving the floor in this way is the right and proper thing to do.
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