Nationwide has announced it is increasing rates across its two, three and five-year fixed rate products up to 80% LTV by up to 0.35%.

For first-time buyers, the changes mean a five-year fixed rate at 60% LTV has climbed by 0.10% to 1.34% with a £999 fee, and two-year fixed rate at 75% LTV by 0.35% to 1.84% with no product fee.

The society also confirmed that for new customers moving home, the changes include a five-year fixed rate at 60% LTV increasing by 0.10% to 1.29% with a £999 fee, and a two-year fixed rate at 75% LTV rising by 0.25% to 1.59% with no product fee. In the remortgage space, increases of up to 0.30% have been made on selected products at LTVs up to 80%.

Nationwide also confirmed it is temporarily withdrawing its residential tracker mortgages.

“We regularly review the rates we offer across our mortgage range and these latest changes are reflective of the current wider environment,” commented Nationwide director of mortgages, Henry Jordan. “With swap rates remaining high and continuing to edge up, our new rates follow similar changes recently made across the mortgage market.

“As mutual, our core purpose is to help people get a home of their own and despite these increases, we remain one of the most competitive lenders in the market.”

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