Nationwide increases SVRs on TMW and UCB products

  • Story by: Dominic Welling
  • Magazine: FTAdviser
  • Published Monday , January 25, 2010

Nationwide Building Society is to increase the standard variable rate (SVR) on its residential, buy-to-let and self-cert mortgages by up to 0.5 per cent from next week.

Advertising

Customers who have residential and self-cert mortgages with Nationwide's specialist lending arms The Mortgage Works (TMW) and UCB Homeloans will see the SVR increase by 0.5 per cent from 1 February.

Meanwhile, buy-to-let borrowers will also see their SVR increase by 0.3 per cent.

As an example, the TMW managed rate will now be 4.99 per cent for buy-to-let customers and 5.19 per cent for residential loans.

The proposed changes will be applied to all residential, buy-to-let and self-cert products, applicable to both new business and existing customer SVRs and managed rates.

A Nationwide spokesperson said: "With the base rate remaining low for so long, many lenders have reviewed their rates and have increased them, The Mortgage Works and UCB are simply the latest to have done so."

Nationwide has become the latest lender to raise its SVR after last week Skipton Building Society announced it is to raise its SVR to 4.95 per cent from its current level of 3.5 per cent on 1 March.