UK Money News
27th March 2008
Nationwide confirms rise on mortgage rates
The UK's largest building society, Nationwide, has announced it is to raise rates on selected mortgages.
As of tomorrow, the price of the firm's two-year tracker will rise to seven per cent, following an increase of 0.5 per cent.
Meanwhile, all of Nationwide's fixed mortgages are to subject to rate rises of 0.2 per cent.
A statement from Nationwide intimated that the move had been motivated by bringing its loans in line with other high street lenders and to shore up the bank's margins in the face of the credit crisis.
The statement said: "We have recently been experiencing large numbers of mortgage applications and with recent competitor changes this is likely to increase.
"However, as a prudent institution we have to manager our business volumes, and focus continues to be on quality, not market share."
Nationwide sources close to one-third of its mortgage funding from the wholesale money markets, meaning that its borrowing costs will have increased significantly recently, the Times reports
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