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Nationwide to increase rates of variable products

Nationwide is increasing the rates on all of its variable rate and tracker mortgage products by 0.25% on February 1.

The base mortgage rate will be increased from 6.49% to 6.74%.

The society is also increasing the rates on its variable rate savings products at the same time as mortgages.

Stuart Bernau, executive director of Nationwide, says: “The changes we are making to our mortgage and savings rates are relatively straightforward and simple.

We are pleased to be able to act quickly to make it clear to our members how they are going to be affected following the increase in the Bank of England base rate.

However, changes to mortgage rates will not take effect until February 1 and savings rates will be increased at the same time.

“All Nationwide mortgages offer consumers a range of flexible features.

Nationwide also calculates interest on a daily basis and does not make a higher lending charge for high percentage borrowing.

Nationwide continues to offer some of the most competitive mortgage and savings rates on the high street.”

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