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Nationwide increase mortgage tracker rates

Those who have followed the UK financial rescue package closely will know that one of the conditions of the deal was the fact that UK base rate reductions would be passed onto the consumer immediately. Well, if the Nationwide is anything to go by this is not happening as yet with increases in their low deposit and higher deposit tracker mortgages.

When you consider these moves in tandem with the Lloyds Bank suggestion that there are very few new restrictions on trade even after taking the billions of pounds of tax payer's money you could be mistaken for thinking that the rescue package is unravelling. Whether this is true or not remains to be seen but the banks appear to be testing the resolve of Gordon Brown to place new restrictions on the UK financial sector. It will be interesting to see what happens over the next few weeks as voters will surely be unhappy that what looked like water tight deals to protect tax payer's money are now seemingly unravelling.

Gordon Brown may have been on a mission to save the world but when he returns home he certainly has a battle on his hands to keep control of the rescue package. If he comes through this unscathed then he may well be back in with a serious chance at the next election.

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