Whilst the Bank of England interest rates have been very good to us, keeping our monthly mortgage payments down, it looks like it has had a negative impact with Nationwide's profits.
Nationwide's Chief Executive, said that the low interest rates and the dramatic fall in commercial property were key to the slump.
He also forecasted that the record low interest rates would remain the same until the fourth quarter in 2010, meaning that next year would be a difficult trading period for the company.
