03 October, 2008

It has been reported that from 3rd October, Nationwide Building Society is growing its rates by 0.2% across its range of fixed-rate mortgages.

The UK’s biggest building society revealed that it is taking action to unstable the money market exchange rates and keeping rapidity with its competitors.

The past fortnight has pointed out a plethora of enhancing the rates from foremost lenders following the deepening of the credit crunch or financial pressure heralded by the breakdown of investment bank, Lehman Brothers, in mid-September.

However, the chaos in the monetary world has left banks under the pressure of further disorders, generating a spike in Libor the rate at which banks used to lend to one another.

Meanwhile, Halifax, Cheltenham & Gloucester, HSBC and others have declared increases in the rates during the past fortnight.

Nationwide director, Matthew Carter, is keen to point out that the rise declared today hunts a chain of recent downfalls in the lender’s fixed-rate deals, which he reveals continue in competition.

It has been revealed that the building society is also set to launch a proposal for existing borrowers switching to a new Nationwide deal.

Furthermore, consumers will take delivery of a £300 discount on the society’s £599 reservation fee across a variety of products.

In addition, those looking towards to make use of 75% of a property’s value or below, will eligible for the same mortgage rate as 60% loan-to-value deals for fresh consumers.

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