Following a decision by the Bank of England to cut the Base Rate, Nationwide Building Society has announced that it will decrease its Base Mortgage Rate (BMR) from 1 November 2008.

The BMR will decrease by 0.30% from 6.49% to 6.19%, making it the lowest on the high street. Nationwide said that it’s ‘reflects Nationwide’s continuing focus on prudent and sustainable mortgage lending’. Savings rates are under review and any changes to these rates will be announced in due course.

Existing tracker mortgages will decrease by 0.50%, moving in line with the Bank of England Base Rate. This change will be effective from 1 November 2008.

Matthew Carter, divisional director for mortgages at Nationwide, said: “Nationwide is committed to providing fair, affordable and sustainable mortgages.

Borrowers on our BMR are already benefiting from a rate which has been consistently lower than the average SVR on the market and, following the changes we’ve announced today, Nationwide’s standard mortgage rate will become the lowest on the high street. We continue to offer help for first time buyers and existing customers by giving them access to competitive low fee products.”