The Mirror - Nationwide change from today 'really bad news' for customers

Nationwide has given an update, with a change for customer beginning today.

The building society is raising rates by up to 0.3% as brokers warn that higher mortgages could become normal again. The changes, taking effect on Tuesday, will apply across its first-time-buyer, home-mover and remortgage products, as well as deals for existing customers moving home, switching products or borrowing more.

Aaron Strutt, product and communications director at Trinity Financial, urged borrowers to lock in a deal as fast as they could. He added: "It has been a pretty poor start to the week for anyone looking for a mortgage because an unusually high number of lenders have announced they are putting up their rates due to pricing fluctuations and swap rate hikes. Lots of the big and small lenders are pushing up their fixes, so if you do need a mortgage it is worth trying to secure a rate as soon as you can.

"When NatWest, HSBC, Nationwide and Halifax up their prices, the other lenders are generally not far behind. It looks like two-, three- and five-year fixes will be noticeably more expensive given the number and scale of rate rises. Lenders are under much more pressure to fund their mortgages because borrowing costs have increased. We currently have two-year fixes starting from around 4.55% for borrowers with a 40% deposit, but over the coming days the best-buy deals could move closer to 4.75% or slightly higher if we are lucky."

Click here to read the full story 

Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Any links to third-party websites are provided for information and convenience purposes only. We are not responsible for the content or availability of external sites

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage