The BMR will be increased by 0.25 per cent from 6.74 per cent to 6.99 per cent leaving it around 0.50 per cent lower than the standard variable rates of most other major high street lenders assuming that they also increase their SVRs in line with the Base Rate.
This follows the decision by the Bank of England's Monetary Policy Committee to increase the Base Rate by 0.25 per cent.
Details of savings rates will be announced in due course. Both savings and mortgage rates will be increased at the same time on 1 June 2007.
Assuming other major lenders increase their SVRs in line with the increase in the Base Rate, the savings a customer would make with Nationwide on a £100,000 mortgage will be £9,760 over a 25-year term.
Tracker mortgages will move in line with the Bank of England Base Rate and this change will be effective from 1 June 2007.
A range of flexible features are available on all new Nationwide mortgages, offering the borrower the ability to overpay, underpay or take a payment holiday. Nationwide calculates interest on a daily basis on all products and does not charge a Mortgage Indemnity Guarantee (MIG) or fees for high percentage borrowing.
