Nationwide increases fix rate mortgage rates

Nationwide Building Society has announced an increase in rates of 0.20% across its range of fixed rate mortgages.

The increase follows the recent volatility in swap rates and rate increases announced by other lenders in the mortgage market.

Nationwide also announced a new offer for existing Nationwide borrowers. For a limited period only, those switching to a new Nationwide deal will receive a £300 discount on all £599 reservation fees on mortgage products available to them. Existing customers switching with an LTV of 75% or below will also benefit from being given the same mortgage rate as applied to the 60% LTV tiers for new customers.

Nationwide director, Matthew Carter said: “Recent market conditions mean that we have had to make some small increases to the cost of our fixed rate mortgages. However, this follows a recent series of reductions to our fixed rates, so our new rates are still competitive.

“We are continuing to reward customer loyalty by offering existing borrowers £300 off of their £599 reservation fee when they switch, bringing the fee down to £299 across most of our range of fixed and tracker rates”.