NAT WEST CUTS MORTGAGE RATE FOR NEW BORROWERS National Westminster Bank Plc <NWBL.L> announced a 0.75 pct reduction in the mortgage interest rate applicable to new mortgages taken out from June 19, 1987. The new rate is 10.5 pct (APR - Annual Percentage Rate - 11.2 pct including fees for normal repayment mortgages, and 11.1 pct including fees for endowment and pension mortgages). A spokesman for Nat West said the position for existing mortgages is being kept under active review in the light of market conditions, and an announcement will be made as soon as possible.