Nationwide Building Society has confirmed that it will be increasing interest repayments on all of its variable rate mortgages following the Bank of England's recent rates decision.
Last week, the Bank's monetary policy committee increased the base rate by 0.25 per cent to 5.25 per cent.
And the building society has now reflected the change by increasing its base mortgage rate from 6.49 per cent to 6.74 per cent and similarly increasing its tracker mortgages by a quarter of a percentage point.
All of the changes to mortgage rates are scheduled to come into effect on February 1st 2007.
However, Stuart Bernau, executive director of Nationwide, has stressed that its host of mortgage products will still offer the same features as before.
"All Nationwide mortgages offer consumers a range of flexible features," he confirmed.
"Nationwide also calculates interest on a daily basis and does not make a higher lending charge for high percentage borrowing."
Consumers who wish to avoid increased mortgage repayment charges should the base rate increase again may wish to consider switching to a fixed-rate mortgage.
Interest repayments on these products are not affected by the Bank's rate changes.
Nationwide increases mortgage rates following Bank's decision
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Nationwide increases mortgage rates following Bank's decision
Mon, 15 Jan 2007
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