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Major UK lender scraps loans

Staff Reporter 1 minute read

The UK’s second largest lender, Nationwide Building Society, announced late last week that it would withdraw several of its products while increasing rates on some mortgages in response to tougher funding conditions.

Nationwide’s two-year fixed-rate home loan with fee, and its two-year tracker home loan with/without fee, will no longer be available.

The lender said the changes followed significant increases in the cost of funding as well as recent moves by a number of high street lenders, who have increased rates on or withdrawn products from the market.

According to the UK’s Times Online, the lender also said it was rationalising its product offering to turn away business and take greater control over the amount it lends.

"It's really about... adjusting rates so we are not overly competitive," a Nationwide spokesperson said.

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Published: 31-03-08

Major UK lender scraps loans
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