Fixed rate mortgage rates increased by Nationwide

23/06/2009

Nationwide building society has announced that it will be increasing its fixed rate mortgage rates for the second time in 2 weeks.

The increase will be on an average of 0.23% and 38% of Nationwide’s fixed rate mortgages will be effected.
This new increase is the second time in 2 weeks due to higher wholesale funding costs.

Other lenders such as Halifax, Cheltenham & Gloucester, Abbey and Alliance & Leicester all followed suit by increasing the cost of their fixed rate mortgage deals.

Darren Cook from Moneyfacts.co.uk commented:”The average rate looked set to continue rise to more than 5% or even 6% during the coming weeks.”

He commented further: "During the next week I wouldn't be surprised if the average rate increases to 5% and continues rising."

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