Nationwide has announced that it is making a cut of just 0.30 per cent on its Standard Variable Rate from November 1.

By this decision it is the latest high street lender to say it will not be passing on in full the interest cut announced by the Bank of England.

It also follows the path of Northern Rock which said it was passing on to borrowers only 0.15 per cent of the rate cut.

But Nationwide is said to offer the lowest Standard Variable Rate currently found on the high street.

The lender said that in accordance with the base rate cut announced by the Bank of England existing tracker mortgages will decrease by 0.5 per cent.

Divisional director for mortgages at Nationwide, Mathew Carter argued that the lender was ensuring it provided fair, affordable and sustainable mortgages.

“We continue to offer help for first-time buyers and existing customers by giving them access to competitive low fee products,” he explained.