Nationwide has announced rate increases to its range of fixed-rate mortgages, effective from Tuesday 3 June 2008.
Rate increases have been implemented across the lender’s house purchase range of two, three, five, 10 and 25-year fixed-rate products.
Two-year fixed rates will now be available from 6.25% (£599 fee); three-year deals from 6.05% (£299 fee for first-time buyers, £599 for all other borrowers); five-year deals from 6.10%, 10 year from 6.14% and 25 year from 6.28%, all of which come with a £599 fee.
Nationwide’s remortgage and additional borrowing products have also changed.
Two-year fixed-rate deals for remortgagors will be available from 6.45% with a £599 fee (6.85% with no fee); three-year deals from 6.05%, five year from 6.20%, 10 year from 6.14% and 25 year from 6.28%, all of which, again, come with a fee of £599.
Matthew Carter, divisional director for mortgages at Nationwide, says any increases recently made to Nationwide’s mortgage rates are as a result of increasing swap rates.
“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.
“We were also able to announce cuts to some of our fixed-rate mortgages earlier this month as a result of decreases in money market swap rates,” he says.
“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.
“While markets remain volatile we can expect to see frequent changes to fixed rates across the industry.”IFAonline
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