What Mortgage - Mortgage rates below 5% vanishing as Nationwide hikes prices

Mortgages with rates below 5% are vanishing fast as Nationwide and Virgin Money became the latest lenders to announce price hikes.

The building society has been more protracted with its mortgage rate hikes than its competitors. Aaron Strutt, product and communications director at Trinity Financial, observed it had waited two weeks to increase its fixed and trackers since its last price hike. Meanwhile some other lenders had raised the fixes multiple times.

Mr Strutt said: “We are getting to the stage where there are not many sub-5% fixed rate mortgages left but there are still some decent tracker deals to choose from.

“It would not be a surprise if more banks and building societies raise their rates over the coming days and at the moment price cuts look a long way off.”

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