Nationwide withdraws all tracker products
Nationwide has announced that it has withdrawn all tracker products from sale following the Bank of England’s decision to reduce Bank Rate from 0.25% to 0.10%.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.”
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
Source: Financial Reporter