Home » Nationwide ups rates; TML back to lending; Bluestone halts new business

Nationwide ups rates; TML back to lending; Bluestone halts new business

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Nationwide has increased the price for new business on its two-, three-, five-, and 10-year fixed rates.

The lender emphasis that no products on its standard range have been withdrawn in this update.

Including a £999 fee, changes will see two- and three-year fixes starting from 5.84%, five-year fixes beginning from 5.39%, and 10-year fixes posted from 5.09%.

Meanwhile, rates on switcher product will see increases of up to 99 basis points, additional borrowing product rates will rise by up to 85 basis points, and shared equity products by 30 basis points.

At the same time, mortgages for older borrowers will see prices rise by 20 basis points.

Nationwide director of mortgages Henry Jordan says: “This week has seen continued fluctuations in swap rates and they remain at extremely high levels as the market continues to react to the ever-changing economic environment and factors in potential future bank rate rises.

“Given this wider picture and the continued changes across the market this week, we have needed to make these changes to enable us to continue to offer a full standard range that supports all borrower types, whilst also ensuring that our rates remain sustainable.”

The changes will take place from tomorrow, 30 September.

At the same time, The Mortgage Lender, which pulled from the market last week, will return to residential and buy-to-let lending from tomorrow.

And specialist lender Bluestone has suspended new business on a temporary basis. It says: “This will not impact our service for our current customers, who we continue to support and serve during these challenging times.

“We will continue to monitor the situation closely and will keep brokers informed of any further developments.”

Original Article

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