Nationwide Building Society slashes interest rates ONCE AGAIN - 'Best in the market!'

This comes after the Bank of England's decision to reduce the UK's base rate from a 16 -year high.

The central bank's Monetary Policy Committee (MPC) narrowly voted to cut interest rates from 5.25 per cent to five per cent.

Mortgage holders and people in debt have been saddled with the record high monthly repayments after the Bank's decision to raise rates.

Interest rate hikes were carried out by the Bank of England as part of wider efforts to bring inflation down.

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With the consumer price index (CPI) rate easing to the financial institution's desired target of two per cent, the base rate has been allowed to come down.

The drop is much needed relief for those making monthly debt and mortgage repayments.

The latest cut to personal loan rates is indicative of the overall cheaper cost of borrowing which is being passed onto high street banks and building societies.

The building society's reduced rates are available to existing Nationwide current account holders looking to borrow between £7,500 and £50,000.

Here is a full list of the reductions in personal loan rates from Nationwide Building Society, depending on loan tiers:

• £7,500 to £25,000 - rate reduced from 6.4 per cent to 6.1 per cent
• £25,001 to £35,000 - rate reduced from 7.9 per cent to 7.7 per cent.
• £35,001 to £50,000 - rate reduced from 8.9 per cent to 8.7 per cent.

Customers of Nationwide are able apply for a loan online, in branch or on the phone. They will receive the money the same day their application is complete..

Also, unlike many other providers, Nationwide doesn’t apply an early settlement charge if the customer wants to repay the loan early.

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This latest move from the building society comes after its decision in May to double its maximum personal loan from £25,000 to £50,000 due to the continued increase in the cost of goods and services

Darren Bailey, the head of Personal Loans at Nationwide, broke down why the building society is cutting rates for customers.

He explained: "Whether you’re looking to fund home improvements, a new car or consolidate existing debts, our new loan rates are some of the best available in the market and are available exclusively for our members.

"This comes shortly after we doubled our maximum loan amount to help people at a time costs of goods, services and materials have risen.”