The Bank of England announced an increase to the base rate on Thursday 2 August to 0.75%.
Please find below the effect of this increase on Nationwide's mortgage rates.
New and pipeline applications
All Key Fact Illustration and offer documents for trackers will reflect the new rates from Tuesday 7 August.
Base Mortgage Rate (BMR)
The BMR will increase to 2.75% (previously 2.50%) from Saturday 1 September.
Standard Mortgage Rate (SMR)
Members who are on SMR will see an increase in their rate to 4.24% (previously 3.99%) from Saturday 1 September.
Tracker rate mortgages
Interest rates for members with an existing tracker rate mortgage will increase by 0.25%* from Saturday 1 September.
Borrowers affected by the increase will see a change to their mortgage payments from Saturday 1 September and we'll write to them by this date to notify them of their new interest rate and monthly payment.
How to reserve existing products
You can reserve existing products through NFI Online and NFI MTE until 5:00pm today Monday 6 August 2018. If a product fee is being paid upfront, please note that the product is not reserved until this fee has been paid.
Paper applications must be posted to the address below with a postmark no later than Monday 6 August 2018.Northampton Service Centre (IPA)
Kings Park Road
Paper applications must be emailed to intermediary. email@example.com before 5:00pm today, Monday 6 August 2018.
Please note, new products may not show on sourcing systems immediately.
*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 and let them know.