Nationwide Building Society has announced that it has stopped new customers taking out a standard variable rate (SVR) mortgage.
From now on, the rate will only be available to those who come off a special deal, such as a fixed rate mortgage . However, the mutual has also cut its SVR to 4.69 per cent, lower than many other mortgage lenders .
Speaking to BBC News, a spokesperson for Nationwide denied claims that the move was contrary to government wishes.
He said: "Absolutely not - we have just passed it on to existing customers, we are just not going to pass it on to new customers."
The mutual was one of the few mortgage lenders still allowing people direct access to its SVR products, the representative added.
Meanwhile, the lender has also announced it is launching a new tracker rate mortgage which will offer customers a rate starting at 4.99 per cent with a reservation fee of £995
Nationwide BS makes SVR mortgage changes
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Nationwide BS makes SVR mortgage changes
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