Financial Times - Nationwide pulls tracker mortgages after historic base rate cut
Nationwide withdrew all of its tracker mortgage products to new customers on Thursday after the second emergency base rate cut by the Bank of England, underlining the tightened conditions banks and building societies face amid the coronavirus crisis.
Aaron Strutt, product director at broker Trinity Financial, told the Financial Times that some tracker deals may start to vanish as lenders struggle to make the numbers add up. He said: “Some lenders are warning us that tracker rates are going to be withdrawn quite soon as the lender can’t sustain this level of funding.”
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