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Nationwide lifts rates by up to 25 basis points

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Nationwide has increased fixed rates for new business and existing business as well as making changes to its standard mortgage rate (SMR) and base mortgage rate (BMR).

From 1 June, the SMR will have gone up from 4.24% to 4.49% and the BMR from 2.75% to 3%.

The lender says it will be writing to affected borrowers from 16 June.

Regarding fixed rates, changes in the new borrowers moving home category now sees rates start from 2.64% for a two-year fix and 2.64% for a three-year fix, and 2.74% for a five-year fix and 10-year fix.

For first-time buyers (FTBs), two-, three-, five-, and 10-year fixes all now start at 2.74%.

And new business remortgages begin at 2.69% for a two- and three-year fix and 2.94% for a 10-year fix.

Prices for shared equity products, switcher and switcher with additional borrowing products have also gone up.

Nationwide has also upped prices for its additional borrowing for existing members, which now start at 2.54% for a two-year fix and three-year fix and 2.58% for a five-year fix and 10-year fix.

And from 1 June, green additional borrowing at all LTVs starts at 2.39%.

In the existing business category, the lender has also pushed up prices for borrowers moving home, shared equity, switcher products and switcher products with additional borrowing.

Nationwide says that existing products must be reserved by 8pm today.

Original Article

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