Fixed rate mortgage rates increased by Nationwide
Nationwide building society has announced that it will be increasing its fixed rate mortgage rates for the second time in 2 weeks.
The increase will be on an average of 0.23% and 38% of Nationwide’s fixed rate mortgages will be effected.
This new increase is the second time in 2 weeks due to higher wholesale funding costs.
Other lenders such as Halifax, Cheltenham & Gloucester, Abbey and Alliance & Leicester all followed suit by increasing the cost of their fixed rate mortgage deals.
Darren Cook from Moneyfacts.co.uk commented:”The average rate looked set to continue rise to more than 5% or even 6% during the coming weeks.”
He commented further: "During the next week I wouldn't be surprised if the average rate increases to 5% and continues rising."
Free Mortgage Enquiry