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Nationwide pulls three-year fixes and increases rates by up to 0.65 per cent

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  • 03/08/2020
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Nationwide pulls three-year fixes and increases rates by up to 0.65 per cent
Nationwide is increasing mortgage interest rates for selected fixed and tracker products across its ranges from 4 August.

 

The lender is also removing all three-year fixed rate new business products as it seeks to manage application volumes to meet capacity constraints.

Its first-time buyer and house purchase range will see two- and five-year fixed rates and two-year trackers increased by up to 0.60 per cent.

Remortgage and existing home mover two-year and five-year fixes and two-year tracker increased by up to 0.65 per cent.

For product switchers the two- and five-year fixed rates and two-year tracker are increasing by up to 0.55 per cent.

And shared equity deals for first-time buyers, home purchase and existing home mover will see two- and five-year fixed rates and two-year tracker increased by up to 0.40 per cent.

Nationwide director of mortgages Henry Jordan said: “Our reprice follows a number of competitor changes over recent weeks, notably at higher loan to values (LTVs).

“We remain committed to supporting the market and are one of only a small number of lenders offering products up to 90 per cent LTV.

“Following the introduction of the stamp duty holiday, we are seeing strong demand across the market.

“This, plus the recent competitor changes, means that we need to manage application volumes in line with our capacity so that we can maintain the high service levels expected of us.”

 

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