Nationwide and Barclays latest lenders to raise rates
Nationwide Building Society and Barclays are the latest lenders to raise their mortgage rates.
Nationwide has increased some of its fixed rates by up to 0.35% for its new borrower and existing customer product range. The building society provides some of the most generous first-time buyer mortgages, and it has a good selection of two-year fixed and tracker rates, plus five- and ten-year fixes.
Barclays has also made a host of changes to try and manage demand for its mortgages. The bank has changed its rates twice in a week, with some fixes going up by 0.4%. Unfortunately, it has also pulled its market-leading seven-year fixes.
Aaron Strutt, product director at Trinity Financial, says: “We are now at the stage where we are telling clients to get their applications in as quickly as they can to secure the mortgage rates we offer them. If they don’t send the documents we need, there is a reasonable chance the rate will go up, and they will end up paying more for their mortgage.”
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