Nationwide to pass on interest rate rise to mortgage customers

People on the building society's variable rates would see a 0.25% increase in their monthly bill, if the Bank raises the base rate to 0.5%

Nationwide has paved the way for an across-the-board increase in mortgage costs by announcing that a 0.25% interest rate rise would be passed on in full to its 600,000-plus variable-rate home loan customers.

The building society said that if, as is widely expected, the Bank of England lifts the base rate by 0.25% to 0.5% on Thursday, it would increase both of its variable rates by 0.25%.