Nationwide has announced a reduction in its mortgage rates following a recent cut in the Bank Rate. This change will significantly benefit borrowers who are currently on the Standard Mortgage Rate (SMR).
Details of the Rate Change
On December 18, the Bank Rate was lowered by 0.25%. In response, Nationwide’s SMR will be adjusted accordingly.
New Standard Mortgage Rate
- The revised SMR will be 6.49%.
- This new rate will take effect on January 1, 2026.
Impact on Tracker Mortgages
Customers with tracker mortgages will see an automatic decrease in their rates. This reduction mirrors the 0.25% cut in the Bank Rate, ensuring that borrowers benefit from the change.
The reduction in mortgage rates marks a significant opportunity for homeowners looking to adjust their financial commitments. Borrowers are encouraged to review their mortgage options as the effective date approaches.
