Nationwide Building Society is increasing its fixed mortgage rates as of tomorrow (Friday 30th September).
The Society said it needs to ensure that its mortgage pricing remains sustainable at a time where swap rates continue to fluctuate and remain at extremely high levels, impacting mortgage rates across the market.
As a result, the Society is increasing 2-, 3-, 5- and 10-year fixed rates on its new business range by between 0.20% and 0.30%. Tracker rates are unaffected by this change.
Nationwide’s entire standard mortgage range remains on sale and no products are being withdrawn as part of this change.
The rates for new customers moving home, first-time buyers and those looking to remortgage include 2-year fixed rates starting from 5.89% (5.84% for remortgage), 3-year fixed rates starting from 5.89% (5.84% for remortgage) and 5-year fixed rates starting from 5.39%, all come with a £999 fee.
The Society’s 10-year fixed rates start from 5.09% with a £999 fee while rates on switcher products will increase by between 0.20% and 0.99%, with all rates remaining below the new business equivalents.
Additional borrowing rates will also increase by between 0.20% and 0.85% while rates on shared equity products for existing members moving home will increase by between 0.20% and 0.30%. Green Additional Borrowing rates will increase by 0.65%.
Rates on the Society’s mortgages for the over 55s, including Retirement Interest Only, Lifetime Mortgage and Retirement Capital and Interest Mortgage, will increase by 0.20%.
Henry Jordan, Nationwide’s Director of Mortgages, said: “This week has seen continued fluctuations in swap rates and they remain at extremely high levels as the market continues to react to the ever-changing economic environment and factors in potential future Bank Rate rises.
“Given this wider picture and the continued changes across the market this week, we have needed to make these changes to enable us to continue to offer a full standard range that supports all borrower types, whilst also ensuring that our rates remain sustainable.”
