Nationwide increase mortgage rates

Wed, 18 Jun 2008

Nationwide Building Society has increased the interest rates on all of its fixed-rate mortgages and some of its tracker deals, it has been announced.

The new rates, which are already in place, mean that buyers can get a fixed-rate mortgage with an interest rate between 6.35 and 7.15 per cent.

Anyone looking for a remortgage deal could face paying more, with these fixed-rates ranging from 6.39 to 6.95 per cent.

According to Matthew Carter, divisional director for mortgages at Nationwide, the building society always tries offer its customers the best possible deal, but recent events means this is not possible.

He said: "We have seen continued large rises in money market rates together with further competitor activity and as a result it has been necessary to increase the rates on our range of mortgages ."

As long as markets remain volatile fixed-rate mortgages will continue fluctuate in cost, he added.

Research by Moneyfacts.co.uk has shown that the average interest rate on a two-year fixed-rate mortgage is currently 6.75 per cent.
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