Nationwide halts passing rate cuts to trackers

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The majority of Nationwide Building Society's tracker mortgage customers will not feel the benefit of any further cuts in interest rates, following an announcement by the lender today.

In order to protect savers from future aggressive rate cuts, Nationwide said it will not reduce rates on the mortgages any further in a move likely to affect 250,000 customers. Its announcement comes a week before the MPC meets to discuss interest rates, with many analysts predicting a further cut of 0.5% or even 0.75% from the current 2% rate. Nationwide's decision will affect tracker customers with a 2.75% collar on their loan rate. It will not impact on people who have taken out a loan since November as they have a lower floor of 1%. Some loans in the group's existing tracker book ...

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