Nationwide mortgage rates rise

by Richard Kilner

Story link: Nationwide mortgage rates rise

The Nationwide Building Society has raised the interest rates for its tracker mortgages.

The move comes in spite of a lack of recent rate change from the Bank of England.

The rise will be between 0.05% and 0.15% for new customers and comes into effect immediately.

Nationwide’s fixed rate mortgages will not see their rates increased or decreased.

The change has been defended by the building society, who cite recent rate changes at other providers and the continuing high cost of borrowing as the reason for their rate increase.

A two year tracker with a fee of £1,499 will see rates rise to 5.53%, an increase of 0.05%.

Where no fee is involved, rates go up by 0.1% to 6.08%.

A Lifetime tracker will see the largest rise, with its rate going up to 5.89% from 5.74%.