Nationwide increase rates on fixed rate mortgage deals

Nationwide Building Society today announced an increase in rates on its range of fixed rate mortgage deals. The new rates are available from Tuesday 3 June 2008.

The new rates are as follows:

House Purchase

Two year fixed rate (with £599 fee) available from 6.25%
Two year fixed rate (no fee) available from 6.65%
Three year fixed rate (with £299/£599 fee) available from 6.05%
Five year fixed rate (with £599 fee) available from 6.10%
Ten year fixed rate (with £599 fee) available from 6.14%
25 year fixed rate (with £599 fee) available from 6.28%

Remortgage and additional borrowing

Two year fixed rate (with £599 fee) available from 6.45%
Two year fixed rate (no fee) available from 6.85%
Three year fixed rate (with £599 fee) available from 6.05%
Five year fixed rate (with £599 fee) available from 6.20%
Ten year fixed rate (with £599 fee) available from 6.14%
25 year fixed rate (with £599 fee) available from 6.28%

Exclusive deal for Nationwide borrowers changing mortgage

Five year fixed rate (no fee) available from 6.20%

Matthew Carter, divisional director for mortgages at Nationwide, said: "As a building society we always aim to offer our members the best possible deals. Following the cuts to base rate over recent months we have passed on the full decreases to our tracker rate and Base Mortgage Rate borrowers. We were also able to announce cuts to some of our fixed rate mortgages earlier this month as a result of decreases in money market swap rates. However, swap rates have risen significantly in the last few weeks and as a result it has been necessary to increase the rates on our fixed rate mortgages. While markets remain volatile we can expect to see frequent changes to fixed rates across the industry."