Nationwide fails to match BoE rate cut

The building society says the move is part of its continued focus on responsible mortgage lending and it will also be making changes to savings rate in due course. The basic mortgage rate will fall from 6.49% to 6.19%, saving a borrower with a £100,000 mortgage around £30 per month. Earlier this week, the lender cut its maximum LTV available to intermediaries to 85% in response to falling house prices. It now only offers 90% LTV loans to select customers through its branches. Matthew Carter, director for mortgages at Nationwide, says: "Nationwide is committed to providing fair, affordabl...