Nationwide increases mortgage rates

Nationwide Building Society has announced an increase in rates on its range of fixed rate and tracker mortgages.

The new rates are available from Wednesday 16 May 2007.

The new details are as follows:

Home Mover

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 £999 fee) available from: 5.43%
Three year fixed rate (with £499 fee) available from: 5.78%
Five year fixed rate (with £499 fee) available from: 5.58%
Ten year fixed rate (with £499 fee) available from: 5.58%
Two year tracker (with £1,999 fee) available from: 4.59%

Remortgage and Additional Borrowing

Two year fixed rate (with £499 fee) available from: 5.73%
Two year fixed rate (no fee) available from: 6.13%
Two year fixed rate (with £999 fee) available from: 5.58%
Three year fixed rate (with £499 fee) available from: 5.93%
Five year fixed rate (with £499 fee) available from: 5.73%
Ten year fixed rate (with £499 fee) available from: 5.73%

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.

Matthew Carter, divisional director for mortgages at Nationwide said: “Nationwide’s products remain very competitive for borrowers, whether they are looking for a shorter-term deal or a longer-term fixed rate. However, money market rates have been rising steadily and we have found it necessary to increase our rates.

“Nationwide has a great range of mortgages, with something to suit all borrowers, whether they are buying a first home, a new home, changing deal or changing lender.”