In recent news, Nationwide Building Society has announced that it will be increasing rates on new business and switcher mortgages, as well as tracker mortgages. This news has been met with mixed reactions from customers, with some feeling that the increase is necessary to protect the lender from rising interest rates, while others feel that it is an unfair move that will make mortgages more expensive for those who are already struggling to keep up with their payments.
Nationwide Building Society is one of the largest building societies in the UK, and its decision to increase rates on new business and switcher mortgages, as well as tracker mortgages, is likely to have a significant impact on the mortgage market. The lender has stated that the increases are necessary in order to protect them from rising interest rates, which have been caused by the recent economic uncertainty.
The increases will affect both new and existing customers, with new customers seeing an increase of up to 0.5% on their mortgage rate. Existing customers will also see an increase of up to 0.5%, although this will depend on the type of mortgage they have. For example, those with tracker mortgages will see a larger increase than those with fixed-rate mortgages.
It is important to note that these increases are not necessarily permanent, and Nationwide Building Society may decide to reduce rates again in the future if economic conditions improve. However, for now, customers should be aware that their mortgage payments may be increasing in the near future.
Overall, Nationwide Building Society’s decision to increase rates on new business and switcher mortgages, as well as tracker mortgages, is likely to have a significant impact on the mortgage market. It is important for customers to be aware of the changes so that they can make informed decisions about their finances.