🔴 Santander latest to withdraw mortgage lending for new customers after pound's slump
To ensure that its pricing “remains sustainable”, Nationwide is increasing two, three, five and ten-year fixed rates by between 0.90 per cent and 1.20 per cent.
The lender’s rates now start at 4.89 per cent for a 10-year fixed rate mortgage with a loan to value of 60 per cent or below. Henry Jordan, the building society’s director of mortgages, said: “The changes made to our new business range are reflective of the current interest rate environment, which has seen mortgage rates increase across the market in line with a rapidly changing economic environment.
“Swap rates, on which mortgage pricing is based, have spiked as the market factors in expected future Bank Rate rises. These latest changes will ensure we are able to continue lending in a way that is sustainable to borrowers of all types.” It comes a day after Halifax, the UK’s biggest lender, said it was removing all products that come with a fee as a result of “significant changes” to the market amid warnings ofSkipton building society, Virgin Money, Paragon and other smaller lenders have also all stopped loans to new customers temporarily.
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