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Nationwide withdraws selected fixed rate products

Nationwide has withdrawn a selection of its fixed rate products and its open market home buy scheme.

It has also increased rates on certain fixed rate products and has applied a total borrowing limit of £1m.

Among the product withdrawals are its two-year fixed rates of 5.82 per cent 6.02 per cent and 6.52 per cent as well as its three-year fixed rates at 5.95 per cent, 6.15 per cent and 6.65 per cent.

The deadline for receipt of applications to reserve the existing fixed rate products that are changing is 5pm today and new products will be available from April 11.

Nationwide says as the present open market home buy scheme was terminated by the Government at the end of March 2008, it will be withdrawing its OMHB product.

Existing customers whose current loans already exceed £1m will not be entitled to any additional borrowing.

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