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Nationwide to freeze tracker mortgages

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Customers with a Nationwide tracker mortgage will not benefit from any further falls in the Bank of England base rate, it has been revealed.

The mortgage lender has a clause in its tracker deals which means it can freeze rates when the base rate dips below two per cent.

Nationwide could attract scorn from the government because of its decision, with Alistair Darling having urged mortgage lenders to help their customers as much as possible.

Speaking to the Times, a Treasury aide said: The Chancellor has repeatedly made clear that he expects lenders to do their best to help their customers through these difficult times.

The decision not to pass on future base rate cuts will affect more than 200,000 Nationwide tracker rate mortgage customers.

Meanwhile, research by Defaqto has revealed that Nationwide was one of the mutual offering the lowest standard variable rate mortgages during 2008.

First Direct topped the list of all mortgage lenders.

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