Nationwide increase rates on fixed rate mortgages

Following sharp increases in money market rates, Nationwide Building Society today announced an increase in rates on its range of fixed rate mortgages and some of its tracker mortgage deals.

The new rates are available from Tuesday 17 June 2008.

The new rates are as follows:

House Purchase

Two year fixed rate (with £599 fee) available from 6.55%
Two year fixed rate (no fee) available from 6.95%
Three year fixed rate (with £299/£599 fee) available from 6.35%
Five year fixed rate (with £599 fee) available from 6.35%
Ten year fixed rate (with £599 fee) available from 6.39%
25 year fixed rate (with £599 fee) available from 6.53%
Two year tracker (with £599 fee) available from 6.15%
Three year tracker (with £299/£599 fee)* available from 5.74%
Lifetime tracker (no fee) available from 6.34%

Remortgage and additional borrowing

Two year fixed rate (with £599 fee) available from 6.75%
Two year fixed rate (no fee) available from 7.15%
Three year fixed rate (with £599 fee)* available from 6.35%
Five year fixed rate (with £599 fee) available from 6.45%
Ten year fixed rate (with £599 fee) available from 6.39%
25 year fixed rate (with £599 fee) available from 6.53%
Two year tracker (with £599 fee) available from 6.25%
Three year tracker (with £599 fee) available from 5.74%*
Lifetime tracker (no fee) available from 6.44%

Exclusive deal for Nationwide borrowers changing mortgage

Five year fixed rate (no fee) available from 6.45%

Matthew Carter, divisional director for mortgages at Nationwide, said: "As a building society we always aim to offer our members the best possible deals. However, 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. While markets remain volatile we can expect to see frequent changes to fixed rate mortgages across the industry."