Nationwide finally raises its rates
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Nationwide’s cheapest two-year fix is going up from 4.48% to 4.63% which is frustrating because it was one of the standout best buy rates and popular with borrowers looking for competitively priced shorter term deals. Nationwide’s five-year fix is also rising from 4.5% to 4.59% so it is not going up by quite so much as many of its other fixed rates. Nationwide last changed its mortgage rate pricing on the 18th August which is quite a long time in the current economic climate. Many of the other lenders change their rates much more frequently so Nationwide is one of the last big providers to hike its rates following the funding cost increases.
Halifax has the most competitively priced two-year fix from 4.40% with a £999 fee, but it is only available to those earning over £100,000 and willing to open a Lloyds Premier current account.
Halifax has the most competitively priced two-year fix from 4.40% with a £999 fee, but it is only available to those earning over £100,000 and willing to open a Lloyds Premier current account.
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Nationwide joining the recent wave of rate increases is another sign that the upward repricing is becoming firmly established across the mainstream market. A move of up to 0.20% is meaningful, particularly from a lender with Nationwide’s scale.
The bigger issue for borrowers is not any single lender increase but how quickly the competitive landscape can change when several major names move within days of each other. Anyone comparing mortgages now could find that the best options look quite different from those available only a week ago.
The bigger issue for borrowers is not any single lender increase but how quickly the competitive landscape can change when several major names move within days of each other. Anyone comparing mortgages now could find that the best options look quite different from those available only a week ago.
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Nationwide, one of the biggest lenders in the country, is joining the rush to raise rates after several other lenders repriced this week. When a lender that size moves, it tells you where pricing is heading.
Confidence was already fragile. This will not help.
The Chancellor spent this week talking about growth being central to everything the governments plans. Housing has a huge part to play in that growth. On every measure that matters right now, they are failing.
Borrowers should not wait for something better. Secure a rate now and review it if the market improves.
Confidence was already fragile. This will not help.
The Chancellor spent this week talking about growth being central to everything the governments plans. Housing has a huge part to play in that growth. On every measure that matters right now, they are failing.
Borrowers should not wait for something better. Secure a rate now and review it if the market improves.
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The mortgage market is seizing up in real time. Rising gilt yields are not just a City problem; they feed straight into the fixed-rate mortgages families rely on. Lenders cannot price confidently when funding costs are lurching around, so the safe move is to reprice, withdraw or tighten terms. A 0.20 percentage point rise may sound modest, but for borrowers already stretched to breaking point it is another turn of the screw. Britain is now importing financial pain from overseas bond market chaos, with US-driven jitters pushing up borrowing costs here. The result is grimly simple: fewer affordable deals, less certainty, and more households forced to make brutal choices before they have even got the keys.