Nationwide, Britain’s largest building society, is to raise rates on all of its mortgage rates from tomorrow.
A five-year fixed rate mortgage on 95% of the value of a home goes up to 5.24% while first-time buyers borrowing 95% of their home’s value will pay 5.1%.
On average, rates are going up by around 0.15%.
Other lenders have been raising rates in recent in the past week with one case, Coventry BS, putting them up twice in a few days,
Analysts said the moves reflect rising swap rates on wholesale money markets, which lenders use to fund their lending.
To add to the confusion, brokers said Halifax has lowered its rates ahead of the Budget in an attempt to boost its market share while at the same time Santander, HSBC and Coventry were raising them.