Nationwide increase rates on fixed rate mortgages

Nationwide Building Society today announces an increase in rates on its range of fixed rate mortgages. The new rates are available from Thursday 1st February 2007.

The new details are as follows:

Home Mover

Two year fixed rate (with £499 fee) available from: 5.48%
Two year fixed rate (no fee) available from: 5.88%
Two year fixed rate (with £899 fee) available from: 5.28%
Three year fixed rate (with £499 fee) available from: 5.63%
Five year fixed rate (with £499 fee) available from: 5.48%
Ten year fixed rate (with £499 fee) available from: 5.48%

Remortgage and Additional Borrowing

Two year fixed rate (with £499 fee) available from: 5.58%
Two year fixed rate (no fee) available from: 5.98%
Two year fixed rate (with £899 fee) available from: 5.38%
Three year fixed rate (with £499 fee) available from: 5.73%
Five year fixed rate (with £499 fee) available from: 5.58%
Ten year fixed rate (with £499 fee) available from: 5.58%

Existing Nationwide mortgage customers get a £100 discount off their reservation fee when they switch from one Nationwide product to another, buy a new home or borrow additional monies.

John Sutherland, marketing director at Nationwide, said: “Money market rates have been rising steadily over the past few months and virtually every lender has been forced to launch new fixed rate products that reflect these higher costs. Nationwide’s products are still very competitive for borrowers whether they are buying a new home, remortgaging from another lender or moving to a new deal with Nationwide. We are offering the same interest rate for two, five and ten year fixed-rate deals. This means that borrowers can fix their mortgage for the long-term if they wish, giving them certainty if the base rate increases again.”

All of Nationwide’s fixed rate mortgages offer borrowers the additional flexibility to overpay or underpay during the deal period. Nationwide will withdraw its current range of products at 11.59pm on Wednesday 31st January 2007.