Following the 0.25% increase in the Bank of England Bank Rate on Thursday 5 May, mortgage members who are on Nationwide’s Base Mortgage Rate (BMR)1 and Standard Mortgage Rate (SMR)2 products will see a rise of 0.25%.
The new rates of 3.00% (BMR) and 4.49% (SMR) will come into effect on 1 July 2022.
On the fixed rate front rates now start from 2.64% for a 2-year fix, 2.64% for a 2-year fix, 2.74% for a 5-year fix and 10-year fix.
For first-time buyers (FTBs), 2-, 3-, 5-, and 10-year fixes start from 2.74%.
Borrowers affected by the BMR and SMR increases will be contacted by Nationwide in writing over the coming weeks.
