Nationwide has increased the rates on its two-year tracker mortgages by up to 0.15%, after a number of mainstream lenders in the market made the same move.

Rates on Nationwide’s two-year trackers at 70%, 75%, 85% and 90% loan-to-value (LTV) have been increased by 0.15% of a percentage point with rates at 80% LTV rising by 0.10%.

Nationwide noted that tracker rates would never go below 0%. It explained that if the Bank of England Base Rate fell to 0% or less during the tracker period, the payable rate will be 0% plus the agreed set percentage above the Base Rate.