According to mortgage market news, as many as 200,000 Nationwide customers will not benefit from any further cuts in the Bank of England base rate. The major mortgage lender and largest building society in the UK are not planning to pass on further cuts in the rates, the Times newspaper reported.
Nationwide will freeze tracker mortgage rates when the base rate slips below 2 per cent, although this may cause Nationwide to collide with the government. An aide to the Treasury was reported as commenting: "The Chancellor has repeatedly made clear that he expects lenders to do their best to help their customers through these difficult times."
Those borrowers on tracker mortgages may be looking forward to further cuts in their mortgage repayments . In order to protect their profit margins, other lenders may also not pass on the full benefit of tracker mortgages.
A tracker mortgage collar is written into most Nationwide tracker loans, and may be implemented shortly.
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