The SMR will be priced at 6.49% and come into effect on 1 January 2026.
Rates on tracker mortgages held by existing Nationwide customers will automatically lower when the base rate is cut, and these will also decrease from 1 January 2026.
Santander lowers tracker rates and SVR
Santander will lower tracker products and the standard variable rate (SVR) by 0.25% for existing mortgage customers.
The changes will come into effect from 3 January.
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The follow-on rate for tracker deals will come to 7%, while the SVR will be priced at 6.5%.
Virgin Money and Clydesdale Bank cut variable rates
Virgin Money will lower its SVR from 6.99% to 6.74% from 15 January.
Updated Virgin Money tracker rates will be available from 19 December.
On the Clydesdale Bank side, its SVR will also fall from 6.99% to 6.74%, and its offset variable rate will decrease from 7.14% to 6.89%.
