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October 2, 2008    

Nationwide increases fixed-rates

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by Gill Montia
Nationwide increases fixed-rates

Nationwide Building Society is increasing its rates by 0.2% across its range of fixed-rate mortgages, from 3rd October.

The UK’s biggest building society says it is responding to volatile money market swap rates and keeping pace with its competitors.

The past fortnight has seen a plethora of rate increases from leading lenders following the deepening of the credit crisis heralded by the collapse of investment bank, Lehman Brothers, in mid-September.

The turmoil in the financial world has left banks nervous of further collapses, creating a spike in Libor, the rate at which banks lend to one another.

Halifax, Cheltenham & Gloucester, HSBC and others have announced rate hikes during the past fortnight.

Nationwide director, Matthew Carter, is keen to point out that the increase announced today follows a series of recent reductions in the lender’s fixed-rate deals, which he says remain competitive.

The building society is also launching an offer for existing borrowers switching to a new Nationwide deal.

Customers will receive a £300 discount on the society’s £599 reservation fee across a range of products.

In addition, those wishing to borrow 75% of a property’s value or below, will qualify for the same mortgage rate as 60% loan-to-value deals for new customers.

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