We’ve recently announced a number of potential changes to our mortgage rates if the Bank of England increases its base rate at 12pm on Thursday 2 November by 0.25%:
- Our Standard Mortgage Rate (SMR) will be increasing to 3.99% (currently 3.74%).
- Base Mortgage Rate (BMR), for mortgages reserved through Nationwide on or before 29 April 2009, will be increasing to 2.50% (currently 2.25%).
- Most tracker rates will be increasing in-line with your clients’ mortgage offers (some rates will not increase as they’ve previously reached their minimum floor).
- We will review our response should the base rate increase by anything other than 0.25%.
If the base rate increases on Thursday 2 November, any changes to mortgage rates for existing customers will apply from Friday 1 December.
We’ll write to your client to inform them of their new rate and mortgage payment amount in the following couple of weeks.