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Nationwide increases some tracker rates by 0.3 per cent

Nationwide is increasing some of its tracker deals for new customers by up to 0.3 per cent despite last week’s cut in the Bank of England base rate of 0.5 per cent.

Customers on existing Nationwide tracker deals will receive the full 0.5 per cent rate cut on November 1, and customers taking out new Nationwide tracker deals will be passed on a 0.5 per cent cut on this date, but some will have to pay a higher rate until then.

The rate changes to new tracker deals will come into force from midnight tonight.

As part of the rate changes, for example, a new two-year tracker deal at 60 per cent LTV with a £599 fee will now cost 5.94 per cent instead of 5.88 per cent, however the rate will drop to 5.44 per cent on November 1.

Certain deals will only be available to direct customers, such as a 90 per cent LTV three-year tracker.

Nationwide divisional director for mortgages Matthew Carter says: “As a building society we always aim to offer our members the best possible deals.

“However, recent market conditions have led us to review our current mortgage range and make some relatively small increases to our tracker deals.

“The changes we are making will allow us to maintain control of the volume of business the Society is attracting, and continue lending in a prudent and responsible way.”


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