Nationwide has increased various two, three, five and 10-year fixed rate products up to 95 per cent loan to value (LTV) by as much as 0.2 per cent.

The changes came into effect from 5pm on Friday 20 May.

Rates are going up by around 0.15 per cent across the board for new business across first-time buyer, new member movers, shared equity and remortgage ranges.

For first-time buyers, select rates will be increased by between 0.05 per cent and 0.25 per cent, and for homemovers, rates will rise by between 0.02 per cent and 0.20 per cent.

Select remortgage product rates will be upped by around 0.10 per cent and 0.35 per cent.

In its existing business range, rates are increasing from 0.05 per cent to 0.15 per cent for select moving home, shared equity, additional borrowing, green additional borrowing, switcher and switcher additional borrowing ranges.

For example, green additional borrowing has shot up from 2.09 per cent across the two and five-year fixed rate products at zero fee, to 2.29 per cent.

The lender also has upped switcher additional borrowing rates by 0.1 per cent.

A Nationwide spokesperson said: “The changes made to our new business range are reflective of the current interest rate environment, which has seen mortgage rates increase across the market. As a member-owned organisation we are not immune to this, and we need to ensure our new business mortgage rates are sustainable, whilst also ensuring Nationwide remains well-positioned in the market.”