Nationwide withdraws all tracker mortgages
Nationwide Building Society has withdrawn its mortgage tracker products from the market.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.”