Only Finance.com® - Nationwide raises trackers

Mortgages - Nationwide raises trackers - 22/01/2008

The ongoing turmoil in the global markets has resulted in tracker mortgage rates being raised by Nationwide.

Announced today, tracker mortgages from the firm seem set to be increased by between 0.05 and 0.15 per cent from tomorrow.

The latest announcement means that the mortgage lender has increased rates twice in the past three months.

Director at Nationwide Matthew Carter commented: "The costs of funding remain high and we have found it necessary to follow other lenders who have recently increased their rates."

He added: "The costs of funding from both the wholesale and retail markets have increased, and as a result we have had to reflect these in the pricing of our tracker mortgages."

The firm also announced that its fixed rates would remain, as yet, unaffected by market conditions.

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