Mortgages

Nationwide withdraws all tracker products

Yesterday's cut to Bank Rate was the second in eight days, in response to the economic pressure of the coronavirus outbreak.

Rozi Jones
|
20th March 2020
Natiownide
"We have taken the decision to withdraw all tracker products from sale. We'll continue to review market conditions."

Nationwide has announced that it has withdrawn all tracker products from sale following the Bank of England's decision to reduce Bank Rate from 0.25% to 0.10%.

Last week, after the Bank Rate was cut to 0.25%, Nationwide announced that it would pass on the full rate change to its tracker mortgage range.

However in a statement today, Nationwide said: "The Bank of England announced a reduction to the base rate from 0.25% to 0.10%.

"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."

The withdrawn products include all of the Society’s residential tracker mortgages, as well as the buy-to-let trackers offered by The Mortgage Works.

Yesterday's cut to Bank Rate was the second in eight days, in response to the economic pressure of the coronavirus outbreak.

The Monetary Policy Committee held an emergency meeting on 19th March and unanimously voted to cut the rate to a historic low of 0.1%.

Henry Jordan, Nationwide’s director of mortgages, 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.”

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