Nationwide revises tracker mortgage rates

Nationwide Building Society has announced an increase in rates on its tracker mortgage deals. These changes will be effective from Wednesday 22 October 2008.

Matthew Carter, divisional director for mortgages at Nationwide, said: "Like all lenders, we continually review our mortgage product range in light of competitor changes and market conditions. For example, many of our competitors have recently increased the rates on their tracker mortgages.

"It is regrettable that we have to increase our tracker rates but we must take into account ongoing volatility in the wholesale markets and the high cost of funding.

"These changes will allow us to maintain control of the volume of business the Society is attracting, and to continue lending in a responsible and prudent way."