Nationwide increases fixed-rate loans
by Gill Montia
Nationwide has increased rates on some of its fixed-rate loans.
The interest rate on the lender’s popular two-year fixed-rate mortgage for new purchases is up from 5.95%, to 6.25% (arrangement fee of £599 applies) and its two-year fee-free fix is available to those purchasing a property from 6.85%.
For those remortgaging, the building society’s two-year fixed-rate is now 6.45%, with a £599 arrangement fee.
A significant rise in money market swap rates has been blamed for the increases and Matthew Carter, divisional director for mortgages at Nationwide, warns that while markets remain volatile frequent changes to fixed-rates will occur across the industry.
The rate rises came as the Bank of England published its mortgage data for April.
The figures show that house purchase loans fell by 8% during the month with loans around 50% lower than a year ago.
The divergence between loans for house purchases and remortgages continued, with an 8% rise in remortgage business during the month.
The figures also show that lending to households in April was 9% ahead of the same time last year.
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