Nationwide put off standard variable rate increase

by Aaron Strutt

Apr 20 2012

Some 14,000 former Bank of Ireland customers transferred to Nationwide Building Society last year have had their standard variable rate increase deferred until a later date. The lender previously wrote to customers advising them that their interest rate will jump from 2.99% to 4.79% in March.

A Nationwide spokeswoman told Mortgage Strategy magazine that: “We reserve the right to increase the standard variable rate, but the concession remains in place until further notice. We will write to clients when it is removed.”

April 20, 2012