This will apply to its fixed and tracker mortgage rates from 1 February. Borrowers who are on applicable products will see new rates of 2.25 per cent for BMR deals and 3.74 per cent for SMR mortgages.
Additionally, Nationwide has made a raft of rate changes to select products which will be effective from tomorrow.
These include its two and five-year fixed rate products up to 95 per cent loan to value (LTV) and selected two-year tracker rates up to 85 per cent LTV, which will see rates go up by between 0.05 per cent and 0.20 per cent.
The mutual’s three-year fixed rates will also no longer match the equivalent two-year fixed rate products as the rates on these products will rise by between 0.05 per cent and 0.45 per cent.
For first-time buyers, the five-year fixed rate at 60 per cent LTV, the two-year fixed rate at 85 per cent LTV and the two-year tracker at 80 per cent LTV have all increased by 0.05 per cent.
These come with a £999 fee and are now priced at 1.52 per cent, 1.54 per cent and 1.24 per cent respectively.
The two-year fixed rate for home movers at 75 per cent LTV has increased by 0.05 per cent to 1.54 per cent with a £999 fee. The two-year fixed rate option at 85 per cent LTV with a £999 fee has risen by the same to 1.44 per cent.
Nationwide is also increasing shared equity mortgage rates by up to 0.10 per cent on five-year fixed rates between 60 and 75 per cent LTV.
Switcher and additional borrowing rates will also rise by up to 0.45 per cent on selected fixed rate and tracker mortgages.
Henry Jordan, Nationwide’s director of mortgages, said: “We regularly review our mortgage range and these latest changes to our new business and switcher rates are reflective of the current environment.
“With swap rates continuing to increase, fixed rates have begun to move upwards and our new rates follow changes made across the mortgage market. We are also increasing our BMR and SMR rates in line with the bank rate rise.”
He added: “We are announcing these now to give borrowers certainty about what their payments will be from 1 February as well as time to consider switching to one of our fixed or tracker products, all of which are priced the same or lower than our equivalent remortgage rates.”
