It will also be decreasing the rate on its two-year tracker product for remortgagers and switchers. The new rates are available from Tuesday April 24.
The five-year fixed rate member exclusive will be withdrawn from sale at close of business on Monday.
It says it has been forced into the increases because money market rates have increased recently. A number of lenders have pulled fixed rate products recently on fears of an upcoming rate rise.
The lender adds: “Unlike many other lenders, Nationwide does not impose a higher lending charge for customers who wish to borrow more than 90 per cent LTV. All of Nationwide’s mortgages offer borrowers the additional flexibility to overpay or underpay during the deal period.”