Nationwide increases rates on some tracker mortgages

Nationwide Building Society has announced an increase in rates on some of its range of tracker mortgages. The new rates are available from Tuesday 4 December 2007.

The new details are as follows:

House purchase

Two year tracker (with £599 fee) available from: 5.83% (previously 5.68%)

Two year tracker (no fee) available from: 6.23% (previously 6.08%)

Two year tracker (with £1,499 fee) available from: 5.73% (previously 5.58%)

Remortgage and Additional Borrowing

Two year tracker (with £599 fee) available from: 5.98% (previously 5.83%)

Two year tracker (no fee) available from: 6.38% (previously 6.23%)

Two year tracker (with £1,499 fee) available from: 5.83% (previously 5.68%)

Matthew Carter, divisional director for mortgages at Nationwide, said: “Nationwide’s tracker products continue to offer borrowers great value. However, the costs of funding have increased and we have found it necessary to follow other lenders who have recently increased their rates.

“All our tracker mortgages offer the facility to switch and fix from a tracker mortgage to a fixed rate deal at any time, without incurring early repayment charges, offering borrowers extra flexibility should their personal circumstances change.”

Nationwide will withdraw the current products at 11.59pm on Monday 3 December 2007.