Nationwide mortgage rates rising

TangentMan

mummytwinton wrote:

why have they changed????

Swap Rates (the market which Fixed rate money is traded) have gone up, therefore the lenders have to price accordingly.

Ben_Baileys

We did our mortgage application yesterday with a broker on the basis that we get the old interest rates provided it was submitted before 5pm - so I'm sure you're ok as long as it has already been submitted in full.

Problem is that now due to a complication in the sales process we may need to amend the amount we're borrowed as we may be have to up our offer by a small amount. Will this be possible even though our application has been submitted?

mummytwinton

no i think we are only at the start we have yet to go the full way with application form. i did start to when i phoned last week but once the cc came up with a problem which i know will be ok she didn't go any further. she kept telling me we wouldn't get though the form by 8pm so i'm sure she was more worried about finishing on time.

it's really p***ed me off to think it's gone up 10 while we are waiting for them to say yes.

meanmachine_2

And just to warn you, swap rates have gone up again this week, so that is likely to lead to a further rise in fixed rate morgages.

http://www.clpuk.com/

It's all tied in with the current house price revival, global interest rates, the pick up in the high street, etc etc.

It means there's more demand for money in the economy, so the price to borrow that money increases.

mummytwinton

so i'm still going to be ok with the fact it's gone up to 4.94 for 5 years still a good deal then. we pay 5.7 with virgin one at mow

ems2

meanmachine wrote:

FYI, their two year fix is going up from 4.39% to 4.55%. And on top of that I believe their fee is rising from 599 to £699!
.

I was quoted about 1/2 hour ago 4.85% 2 year fixed. Do they have more than one two year fixed rate or am I with the wrong broker??

Joe_Bloggs

I thought there was some king of requirement for building societies to be funded substantially by savings deposits rather than borrowing on money markets. This could just be nineteenth century wishful thinking. Regulatory bodies don't help by publishing ammendments rather than the ammended plus the original regulations together.
I withdrew £4K from the Nationwide when they stitched up eSavers. There has been a lot of 'competetive' saving rate cutting and the raising of fixed rates throughout many financial institutions. On top of that too are outrageous fee increases !
J_B.

payless

ems2 wrote:

I was quoted about 1/2 hour ago 4.85% 2 year fixed. Do they have more than one two year fixed rate or am I with the wrong broker??

they actually have 6 different 2 yr fixed rates - well 9 different possible rate/ fee combinations ( Mark Benton would have a fit )
- one of which is 4.85%

meanmachine_2

Yeah, they have a fee free one on 5% deposit, a fee included one on 10% deposit etc etc

All for brand new customers only...

ems2

thanks payless was quite confused...