SMF - Just Installed!

Nationwide puts up mortgage rates

Started by propertyfag, January 23, 2008, 03:23:33 PM

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propertyfag

I mentioned it earlier in a previous thread, but I thought i'd post the official release of the news...

The UK's biggest building society is the latest lender to hike rates despite no movement from the Bank of England.
Nationwide said rates on its tracker mortgages, which follow the Bank's base rate, would rise for new borrowers by between 0.05% and 0.15%.

It is the second time it has increased rates since November, despite the base rate falling in December.

Nationwide, which joins a growing list of lenders, said it was having to pass on the increased costs of its funding.

The society's fixed rate mortgage deals for new customers remain unchanged, and existing borrowers are not affected.

Nationwide's two year tracker deals for those buying a house have increased by 0.1% for those who chose a no fee or lower fee option, giving rates of 5.68% or 6.08% respectively.

Meanwhile the Nationwide's Lifetime tracker deal has increased by 0.15% to 5.89%.

source: http://news.bbc.co.uk/1/hi/business/7204231.stm

Badger

I hate this kind of nasty trick.  Companies who think they have the right to act out on a limb and do what the hell they like even though it is only for their own financial gain.  Its a shame we live in a none confrontational sociaty, we just let um get on with it.


vwilson

So if the base rate is falling, what exactly is the "rising cost of their funding"? What's rising?

The world's gone mad I swear. Here's something odd I was reminded of recently - all these big IT firms, their charges tend to reduce these days year on year. How counterintuitive is that? Its because of the global economy and offshoring, there is now an expectation that while inflation at a low level is fairly constant in most industries, your IT service provision will get cheaper.

The risk of globalisation is a worrying thing; its natural conclusion can only be all of us all over the world living in the average of all our standards of living to begin with, and given how damn lucky we've been in the affluent west we have a hell of a lot to lose. Just think about that next time you're spending your money on cheap imports from China and enjoying the reduced cost of call centre services based in India.


V

propertyfag

The general cost of living is becoming absolutely ridiculous! I just can't believe how expensive it is to fill up my car with petrol these days!!

Badger

Quote from: propertyfag on January 24, 2008, 11:21:12 AM
The general cost of living is becoming absolutely ridiculous! I just can't believe how expensive it is to fill up my car with petrol these days!!


ye 75 big ones a week son.
The biggest issue i have with rising this and rising that, is i havent had a pay rise now for 6 years.  Alot of people who do get pay rises dont even get anywhere near the base inflation rate anyway,  But as i say we just take it time after time.  You made an interesting point V * dont you always* that we have to much to lose, the society of today just takes it, we are walk overs, put up and shut up cos we are to scared to lose what we judge to have worked hard for.  Its like the petrol issue, if we all did what was asked of us to force down petrol prices, * only going to certain places to fill up and avoid the major players* then fuel would come down,  We all foget that that it is the public who have the power here to change the things that pi55 us off, but the powers that be make it clear to us using many methods, that we are in fact doing well and complaining would just make things worse, we have so much wool pulled over our eyes its un true.

Anyway i am putting up my charge to the council in April so i will be able to get back what i pay them extra in tax.  Two can play at that game.  Fukcers