You are here: Home - Mortgages - First Time Buyer - News -

Nationwide withdraws all tracker mortgages

Written by: Owain Thomas
Nationwide Building Society has withdrawn its mortgage tracker products from the market.

The move applies to its residential range and its buy-to-let products under The Mortgage Works (TMW) brand.

The lender said it was responding to the reduction in the Bank of England base rate made yesterday from 0.25% to the new record low of 0.1%.

A statement read: “Although we’re still working through what this may mean for our mortgage members, we have taken the decision to withdraw all tracker products from sale. We’ll continue to review market conditions.”

Nationwide director of mortgages, Henry Jordan, said: “With a second cut in interest rates in just over a week, bringing Bank Rate down to an unprecedented 0.1%, we have taken the decision to temporarily withdraw all of the society’s residential tracker mortgages, as well as the buy to let trackers offered by The Mortgage Works, from sale.

“As the UK’s second largest mortgage lender, we have taken this prudent decision in order to carefully consider the impact of these historic low interest rates on our mortgage range.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week