Mortgage Rates on the Rise: Nationwide Joins the Pack
In a move that is likely to send shockwaves through the mortgage market, Nationwide has announced that it will be increasing its mortgage rates by up to 0.25%. This news comes hot on the heels of similar announcements from NatWest and Santander, making Nationwide the third major lender to hike its rates in a single day.
Mortgage rates are on the rise
The rate increases, which will come into effect from tomorrow, will affect selected fixed-rate deals across Nationwide’s new business, existing customer moving home, switcher, and additional borrowing ranges. Brokers looking to secure existing products have been urged to submit applications by 8pm today.
Industry Reaction
The news has sparked a flurry of reactions from industry experts, with many expressing concern about the impact on the mortgage market.
“Today’s announcement from Nationwide, making them the third major lender to announce rate hikes of up to 0.25%, certainly casts a shadow over the mortgage market on this already gloomy Monday.” - Dariusz Karpowicz, director at Albion Financial Advice
“More sadness in the mortgage market today, Nationwide is the third major lender to increase rates in the last few hours.” - Justin Moy, managing director at EHF Mortgages
“Nationwide is the third major big six lender behind Natwest and Santander to announce increases to their interest rates today making for a challenging start to the week and we close off on April.” - Stephen Perkins, managing director at Yellow Brick Mortgages
The Impact on Borrowers
The rate hikes are likely to have a significant impact on borrowers, who will now face higher mortgage repayments. This could be particularly challenging for those who are already struggling to make ends meet.
Mortgage repayments are set to increase
The industry is bracing itself for a challenging period ahead, with many experts predicting further rate hikes in the coming weeks.
“The tide has definitely turned, with lenders pulling products and increasing rates across the board; and Nationwide are no exception.” - Ben Perks, managing director at Orchard Financial Advisers
“Nationwide have given six hours notice of their rate increases today.” - Katy Eatenton, mortgage and protection Specialist at Lifetime Wealth Management
The Future of Mortgages
As the mortgage market continues to evolve, one thing is clear: borrowers need to be prepared for a period of uncertainty. With rates on the rise, it’s more important than ever to seek expert advice and plan carefully for the future.
Seek expert mortgage advice
In a rapidly changing market, it’s essential to stay informed and up-to-date with the latest developments. Stay tuned for more news and analysis from MortgageWatch.
