Mortgage and Business News » Intereast Rates http://www.100mortgages.org Keep updated on the latest mortgage, global economy and business news Thu, 02 Feb 2012 20:27:50 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Nationwide Building Society increases mortgage rates againhttp://www.100mortgages.org/20080616/nationwide-building-society-increases-mortgage-rates-again/ http://www.100mortgages.org/20080616/nationwide-building-society-increases-mortgage-rates-again/#comments Mon, 16 Jun 2008 11:10:25 +0000 Peter http://www.100mortgages.org/?p=342
The Nationwide Building Society has now increased a number of their mortgage rates for a second time in just two weeks. The mortgage lender has raised some of their tracker and fixed rate mortgages by 0.2% and 0.5%. This will come as a shock to customers who borrow from the company; Nationwide has blamed this second rise in just two-week on, cost of borrowing through the wholesale money markets. The building society has also blamed the rise because a number of their competitors have raised their rates.

Nationwide customers are being warned that because the market is very volatile at the moment, there will be frequent changes to mortgage rates, and there are no plans that this will stop anytime soon. It seems that mortgage borrowers are in for a bumpy ride, we are now in some choppy waters and things are set to get a lot rougher. This will be make or break for a number of people who are now at their limit with how much they are able to afford, on their monthly mortgage payments. We are now entering a stage where we will be seeing increases in house repossessions, as families struggle due to mortgage rate rises along with increased household bills.

If the current credit crisis gets even worse then I fear that people will blame the government, Gordon Brown will have to do something soon to turn the state of the UK economy around, otherwise he does not stand a chance of getting in again at the next General Election.

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]]> http://www.100mortgages.org/20080616/nationwide-building-society-increases-mortgage-rates-again/feed/ 0 Rising inter-bank borrowing costs force Nationwide to raise mortgage rateshttp://www.100mortgages.org/20080602/rising-inter-bank-borrowing-costs-force-nationwide-to-raise-mortgage-rates/ http://www.100mortgages.org/20080602/rising-inter-bank-borrowing-costs-force-nationwide-to-raise-mortgage-rates/#comments Mon, 02 Jun 2008 13:25:55 +0000 Peter http://www.100mortgages.org/?p=301
The state of our economy is looking very bleak at the moment, and we are now seeing the affects of this in the mortgage market. As you know a number of lending mortgage lenders such as Abbey have has to raise their mortgage rates p, and now Nationwide is the latest to follow suit. As from tomorrow June 3, Nationwide will increase the price of their new fixed-rate mortgage deals, the increase will be 0.3 percent. This increase comes just days after the building society announced that they are scaling back lending, this is as a result of house prices falling by 4.4 percent in just one year.

BBC News reports that Nationwide has told consumers that they should expect frequent changes” to the cost of the fixed rate deals. The increase will affect new two and three year fixed-rate deals, rates for longer deals will also see a slight increase. Matthew Carter, who is the divisional director for mortgages at Nationwide, has said “While markets remain volatile we can expect to see frequent changes to fixed rates across the industry.”

This is a bit of a strange move from the mortgage lender, as Halifax has recently cut their average rate by 0.3% from its various fixed-rate mortgage offers. The Bank of England has said that the number of mortgage approved in April were the lowest since 1993.

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