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Nationwide increases rates again

17/06/2008

The Nationwide, the UK’s largest mortgage lender has increased its mortgage rates yet again. This is the second time this month that the Nationwide has increased rates, standing at up to half a percent.

If you are a new homeowner looking for that mortgage deal or your existing mortgage is due for renewal then this increase in interest rates could affect you. You will notice a significant increase if you are looking to remortgage. If you are an existing customer of the Nationwide and your mortgage is not due for renewal, then this increase in interest rates will not affect you.

The biggest increases are with the popular two and three year fixed rate mortgages, particularly with those who only have a 10% deposit to put down. Longer term fixed rates and tracker deal mortgages have also seen an increase, but not as significant.

"Nationwide is not the only mortgage provider pushing up rates. Swap rates remain highly volatile and we would not be at all surprising to see other lenders increasing mortgage rates later this week” said David Hollingworth who is a mortgage broker with London & Country.


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