Today, Thursday 2 November, the Bank of England increased the base rate from 0.25% to 0.50%.
Please find below the effect of this increase on Nationwide’s mortgage rates.
Base Mortgage Rate (BMR)
- The BMR (for products reserved through Nationwide Building Society on or before 29 April 2009) is guaranteed to be no more then 2% above Bank of England base rate and will increase to 2.50% from Friday 1 December (previously 2.25%).
Standard Mortgage Rate (SMR)
- For members who are on a SMR the revert rate will be 3.99% (previously 3.74%) from Friday 1 December.
Tracker rate mortgages
- Members with an existing tracker rate mortgage will receive the full 0.25% increase from Friday 1 December.*
New and pipeline applications
- All tracker rate mortgage KFI and offer documents will reflect the new base rate from Friday 3 November.
Borrowers affected by the increase will see a change to their mortgage payments from Friday 1 December and we’ll write to them by this date to notify them of their new interest rate and monthly payment.
For more information about the Bank of England base rate announcement, and for Nationwide FAQs, please visit nationwide.co.uk.
We anticipate high call volumes in our contact centres, so for case updates, please login to NFI Online.
Following the Bank of England Base Rate announcement, you may experience longer than usual wait times. Please stay on the line and we will answer your call as soon as possible.
*If your client is currently on a Nationwide tracker rate mortgage, in most cases their rate and payments will increase by the full amount of the base rate increase. If their rate and payments are changing, we'll write to them to let them know.