UK Landlord Forum / Life

The Nationwide building society is increasing the price of new fixed-rate mortgage deals by up to 0.3% on 3 June.

From 3 June, the interest rates for new two and three year fixed-rate deals will rise by 0.3%. For example, the rate on a two-year fixed-rate mortgage with a 10% deposit will go up from 6.15% to 6.45%.

Rates for longer deals are also increasing slightly.

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The UK's biggest building society has cut its mortgage rates for the second time in two weeks following a fall in the cost of wholesale funding.

Nationwide is reducing the cost of some of its fixed-rate and tracker deals by up to 0.46% from Friday.

But the group is also hiking rates by 0.1% for people taking out two and three-year tracker mortgages who have deposits of less than 10%.

The group said it was reducing the cost of its deals following a recent fall in swap rates, upon which fixed-rate mortgages are based.

A number of other major lenders have also slashed their rates during the past two weeks, including Abbey, Cheltenham & Gloucester and Barclays' lending arm the Woolwich.

The biggest reduction made by Nationwide is to its lifetime tracker deal, with rates on this mortgage being reduced by 0.46% to 5.98% for people paying a £599 arrangement fee and who have a 25% deposit.

Two-year fixed rate deals are being cut by 0.4%, to give a new rate of 6.18% for people remortgaging who are borrowing 75% of their home's value and pay a £599 fee.

But borrowers with a deposit of less than 10% will now have to pay 0.1% more for a two-year tracker, with the rate raised to 6.68%.

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