3 Jun

Mortgage rates raised by Nationwide

Mortgage rates raised by Nationwide

Nationwide has announced that it is increasing rates on its fixed-rate mortgages by as much as 0.3 per cent.

Homebuyers taking out a two-year fixed-rate home loan for a homebuyer with a 25 per cent deposit and a £599 arrangement fee will see rates raised from 5.95 per cent to 6.25 per cent.

Meanwhile, similar deals that do not include a fee are increasing to 6.65 per cent with a 25 per cent deposit and 7.35 per cent with a five per cent deposit.

Britain's second-largest mortgage lender said that the uncertainty of the current market, including higher money-market swap rates, had forced it to reverse last month's decision to cut rates on some fixed-rate mortgages.

"While markets remain volatile we can expect to see frequent changes to fixed rates across the industry," commented Matthew Carter, divisional director for mortgages at Nationwide.

The news comes after figures from the Bank of England revealed that home loans fell to a record low last month.
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