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Nationwide ups SVR on TMW and UCB mortgages

Nationwide is to increase standard variable rates by between 0.3 and 0.5 per cent on mortgages from its specialist lending arms, The Mortgage Works and UCB Homeloans.

The changes, which will apply from February 1, will affect those currently on an SVR product.

Residential, self-cert and buy-to-let products for both new and existing customers will see rate increases.

Those on The Mortgage Works managed rate can expect to see rates rise from 4.69 per cent to 4.99 per cent for buy-to-let customers, and 4.69 per cent to 5.19 per cent for residential borrowers.

The move follows Skipton Building Society’s decision last week to scrap the ceiling on its SVR and increase the rate from 3.5 per cent to 4.95 per cent, as first revealed by Money Marketing.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. As owner of UCB, Nationwide should be ashamed of taking advantage of its captive customers. My orginal Flexi-tracker document implied that at offer end, SVR would be a reflection of bank rate. The example given was base rate plus 2.29%. Complained to UCB,but no deal,now will complain to FSA.

  2. Ucb collared their rate illegally their was no mention of this in the quote you was given, secondly they maxamise their profits knowing their clients cannot move on to another lender
    everybody should drop a month in arrears to demonstrate their objections

  3. Enough of this shoddy practice. Let’s. Facebook them into submission . power to the people . Nationwide should know better than to shaft their loyal customers at ucb!!! SHAME!!!!!!!

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