moneysupermarket.com comments on the changes to the Nationwide mortgage range rates

Commenting on the changes to the Nationwide mortgage range rates, Louise Cuming, head of mortgages at moneysupermarket.com, said:

"Gone are the days brand new customers would be treated well at the expense of existing ones.

Nationwide has increased interest rates and fees for new customers on its fixed-rate mortgages by up to 0.32 per cent.

However, following the Bank of England base rate fall it has also announced a 0.25 per cent decrease its Base Mortgage Rate from 1 May on standard variable rates and tracker deals for existing customers.

"Overall this has been a bad week for borrowers with many providers announcing intentions to increase rates on fixed rate products despite base rate being cut to 5 per cent today, further highlighting the divorce between the Bank of England's rate and the deals offered by mortgage providers.

"Consumers must remain on their guard and jump on attractive deals immediately as they can be certain they won't stick around for very long.".

Back to top