Nationwide increases rates on new tracker mortgages

Nationwide Building Society has announced an increase in rates on its range of new tracker mortgages.

The Society’s fixed rates remain unchanged. The new rates will be available from Wednesday 23 January 2008.

The new details are as follows:

House purchase

Two year tracker (with £599 fee) available from:
5.68% (previously 5.58%)

Two year tracker (no fee) available from:
6.08% (previously 5.98%)

Two year tracker (with £1,499 fee) available from:
5.53% (previously 5.48%)

Lifetime tracker (no fee) available from:
5.89% (previously 5.74%)

Remortgage and Additional Borrowing

Two year tracker (with £599 fee) available from:
5.78% (previously 5.73%)

Two year tracker (no fee) available from:
6.18% (previously 6.13%)

Two year tracker (with £1,499 fee) available from:
5.63% (previously 5.58%)

Lifetime tracker (no fee) available from:
5.94% (previously 5.84%)

Matthew Carter, divisional director for mortgages at Nationwide, said: “Nationwide offers a wide range of mortgages to its customers, whether they are interested in a fixed rate or a deal that tracks the Bank of England rate. However, the costs of funding remain high and we have found it necessary to follow other lenders who have recently increased their rates.

“Nationwide’s products remain very competitive for borrowers who are moving home, changing deal or changing lenders and customers have the option to overpay or underpay during the deal period. All our tracker mortgages also 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.”

For further information, visit nationwide.co.uk.