Nationwide increases mortgage rates by up to 0.3 percent

Nationwide Building Society has said that their tracker mortgage rates taken out from Tuesday will be increased by between 0.06 percentage points and 0.3 percentage points.

With the new mortgage rates in place a three-year tracker for someone who has a 10 percent deposit will increase from 6.19 percent to 6.49 percent, given that the Bank of England base rate is set at 4.5 percent the tracker mortgage rate is 1.99 percent higher.

Nationwide have also said that unless you are a first-time buyer, all new borrowers will need at least 15 percent deposit, first time buyers will need to have 10 percent.

With their only being 18 lender’s on the market offering 5 percent deposit deals, Nationwide is the latest lender to stipulate a larger amount for the deposit on the home loan according to moneysupermarket.com

Source: Telegraph

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