Product news

Following the 0.25% increase in the Bank of England Bank Rate on Thursday 23 March, mortgage members who are on Nationwide’s Base Mortgage Rate (BMR)1 and Standard Mortgage Rate (SMR)2 products will see a rise of 0.25%.

Nationwide Building Society is today announcing increases across a range of variable rate savings accounts. The changes, effective from 1 April 2023, will see the Society increasing rates by up to 0.50 per cent. 

The Mortgage Works (TMW) is tomorrow (30 March 2023) launching a new 55% Loan-to-value (LTV) buy-to-let range for new and existing customers, covering house purchases and remortgages.

• Nationwide’s Spending Report: essential spending up 12% year-on-year and non-essential spending up 9%
• Number of transactions made this February up 10% compared to the year before
• Separate poll reveals 38% used credit cards in last 6 months to cover essential items to make it to next payday
• 63% worried about current state of finances and ability to cover essentials – down 7% on last month
• Subscription spending continues to decline with 23% having reduced or cancelled TV subscriptions

Nationwide Building Society is reducing rates across its fixed and tracker mortgage range by up to 0.45 percentage points, effective from tomorrow, Friday 24 March.

On Friday 17 March, Nationwide Building Society will be launching new one and two-year Fixed Rate ISAs.

• Close to half put off essential vehicle repairs to save money during cost-of-living crisis
• More than one in three say they are worried their car will breakdown due to not being maintained
• 59% have needed breakdown support, with ‘failure to start’ the top reason for callouts

Nationwide Building Society is amending selected fixed and tracker mortgage rates. The new rates will be effective from tomorrow, Friday 3 March.

The Mortgage Works (TMW) will be reducing rates on selected five-year rate switcher mortgage products by up to 0.10 percentage points from Saturday, 25 February 2023.

• First prize draw of Start to Save (Issue 2) sees 917 members win £250
• Prize fund for first draw stood at £229,250 with a 1 in 34 chance of winning
• 162,339 accounts were opened up to the end of January with c31,700 savers qualifying for first prize draw
• 32% of all Start to Save (Issue 2) accounts were opened by those aged between 18 and 39

On Thursday 23 February, The Mortgage Works (TMW) is reducing selected two and five-year fixed buy-to-let rates by up to 0.30 percentage points.

Nationwide Building Society has partnered with the Plain Numbers Project, a social purpose organisation, to better communicate with members who may struggle with financial terminology and numbers.