Nationwide Building Society has announced that it will increase its base mortgage rate by 0.25 per cent.
The move comes in the wake of the Bank of England's recent decision to raise the base rate of interest to five per cent.
Nationwide will hike the rate of interest paid on its mortgages from 6.24 to 6.49 per cent.
However, the society claims that this is around half a percentage point cheaper than other mortgage lenders which increase their standard variable rate in line with the bank's decision.
In addition to its mortgages, Nationwide will also boost the rate of its savings accounts, with changes for both to be affected on December 1st 2006.
The society's rate increase affects customers using their base mortgage rate and borrowers with a tracker mortgage .
Sue Edwards, a senior debt policy advisor at Citizens Advice, recently claimed that the rising interest rates could be a "disaster" for many borrowers .
The move could leave many UK residents unable to afford their mortgage repayments - possibly losing their homes - the expert warned.
Nationwide to raise mortgage rates
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