UK Money News
2nd May 2008
Nationwide hikes prices of fixed-rate mortgages
Nationwide has announced it is to increase the price of new fixed rate mortgage deals, in a further sign of the unpredictability of the UK mortgage market.
The rate on the lenders' fixed rate products will be increased by 0.3 per cent as of June 3rd.
As a result of the move, the interest rate on the firm's two-year fixed rate mortgage with a ten per cent deposit will rise from 6.15 per cent to 6.45 per cent
Matthew Carter, divisional director for mortgages at Nationwide, said: "Following the cuts to base rate over recent months we have passed on the full decreases to our tracker rate and Base Mortgage Rate borrowers.
"However, swap rates have risen significantly in the last few weeks and as a result it has been necessary to increase the rates on our fixed rate mortgages."
Nationwide's move comes after rival lender the Halifax confirmed that it is to cut rates on a selection of its fixed rate products by 0.3 per cent.
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