"We have outlined a range of considered support options for members financially impacted by coronavirus, including mortgage payment holidays."
Nationwide’s base mortgage rate (BMR) and standard mortgage rate (SMR) will reduce by 0.50% to 2.25% and 3.74% respectively.
Borrowers on a tracker mortgage will also see their rates reduce by 0.50%.
Sara Bennison, Nationwide’s chief marketing officer, said: “This announcement gives borrowers clarity about what the Bank Rate reduction will mean for them. As a result of these changes, we will remain one of the most competitive high street lenders.
“We understand it continues to be a tough time for savers and we are currently considering what the impact of the Bank Rate change will be on our variable rate accounts. We will announce any changes to our savers in due course, while those signed up to our SavingsWatch service will also receive notification about what any changes mean for them.
“As the Government looks for ways to support people at a difficult time for the UK, we are keen to lend our weight. We have outlined a range of considered support options for members financially impacted by coronavirus, including mortgage payment holidays. By passing on the rate reduction in full, from 1 April 2020, we also hope to minimise mortgage costs for our members during this difficult period.”
