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Nationwide cuts stress rate by 0.25%

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Nationwide has cut the stress rate used in its affordability calculation from 6.99 per cent to 6.74 per cent.

The change came in today and will apply to all applications including equity share.

The lender says it is making the change to pass on the recent 0.25 per cent Bank of England base rate cut.

The lender says: “Our affordability calculators will be updated from 24 August and most customers will see a small increase in the amount we’ll lend to them (subject to criteria).”

For pipeline cases the lower stress rate will apply to all cases started or reprocessed on or after 24 August.

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