Nationwide Building Society is making adjustments to mortgage rates for existing variable rate borrowers to give them certainty about their new mortgage rate.
Following the increase in the Bank of England Bank Rate today, mortgage members who are on the Society’s Base Mortgage Rate (BMR)1 and Standard Mortgage Rate (SMR)1 products will see a rise of 0.25%.
The new rates of 2.50% (BMR) and 3.99% (SMR) will come into effect on 1 March.
Also from 1 March, existing Nationwide members with a tracker mortgage will see their rate rise in line with the Bank Rate increase (by 0.25%), as outlined in their mortgage agreement.
On savings, Nationwide this week (from 1 February) increased the rates on a number of its accounts as well as its FlexOne current account following December’s Bank Rate rise.
The Society will work through what this latest Bank Rate change means for savers and will announce any changes to rates in due course.
