UK Money News
16th June 2008
Nationwide raises mortgage rates
Nationwide Building Society has confirmed it has raised rates on its mortgage products.
As of today, borrowers taking out fixed-rate deals as well as some tracker mortgages will face repayments of between 0.2 per cent and 0.5 per cent higher.
As a result of the hike, those seeking a two-year fixed rate deal for up to 90 per cent loan to value will face a repayment rate of 6.95 per cent - up from 6.45 per cent.
Meanwhile, borrowers with larger deposits are also not spared, with those with a deposit of 25 per cent or more hit with a 0.3 per cent increase on a two year fix.
This brought the rate up from 6.25 per cent to 6.55 per cent.
Matthew Carter, divisional director for mortgages at Nationwide, said: "As a building society we always aim to offer our members the best possible deals.
"However, we have seen continued large rises in money market rates together with further competitor activity and as a result it has been necessary to increase the rates on our range of mortgages."
He added: "While markets remain volatile we can expect to see frequent changes to fixed rate mortgages across the industry."
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