Nationwide confirms new mortgage rates in line with BoE base rate

Nationwide has announced new rate changes on its two, three and five-year fixed rate products and two-year tracker products, applying to all LTVs across the society’s mortgage range.

The changes will see rates on selected two and five-year fixed rate products up to 95% LTV, and on selected two-year tracker rates up to 85% LTV increase by between 0.05% and 0.20%.

Nationwide’s three-year fixed rates will no longer match the equivalent two-year products and as a result will increase by between 0.05% and 0.45%.

As part of the changes, the society is also increasing shared equity rates by up to 0.10% on selected five-year fixed rates between 60% and 75% LTV. For Nationwide’s existing members moving home, rates have been increased by between 0.01% and 0.40% on selected fixed and tracker products up to 95% LTV.

Nationwide has also announced adjustments to mortgage rates for existing variable rate borrowers in line with the 0.15% increase in the Bank of England base rate.

“We regularly review our mortgage range and these latest changes to our new business and switcher rates are reflective of the current environment,” said Nationwide director of mortgages, Henry Jordan.

“With swap rates continuing to increase, fixed rates have begun to move upwards and our new rates follow changes made across the mortgage market. We are also increasing our BMR and SMR rates in line with the Bank Rate rise.

“We are announcing these now to give borrowers certainty about what their payments will be from 1 February as well as time to consider switching to one of our fixed or tracker products, all of which are priced the same or lower than our equivalent remortgage rates.”

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