Nationwide has increased its mortgage and savings rates

Friday, 11 May 2007 12:00

Nationwide Building Society has increased its base mortgage rate (BMR) and savings rates.

The move follows the Bank of England's decision yesterday to increase the UK's underlying interest rate from 5.25% to 5.5%.

However the new rates do not come into force until June 1st 2007.

The BMR will rise from 6.74% to 6.99%

Savings rates will be announced in due course.

Tracker mortgages increase in line with the Bank of England base rate, effective from June 1st 2007.

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