Mortgage Finance Gazette
Nationwide has lifted two- and five-year fixed-rate switcher and additional borrowing products by between 5 basis points and 20bps.
New prices from the mutual in this range include:
- Two-year additional borrowing fixes at 90% loan to value at 5.70%, with no fee, minimum loan £5,000
- Five-year switcher fixes at 85% LTV at 5.05%, with a £999 fee, minimum loan £1,000
- Two-year switcher additional borrowing fixes at 80% LTV at 5.22%, with no fee, minimum loan £5,000
The move comes as swap rates continue to drift upwards.
Two-year sonia swaps edged lower to 4.501% on 15 March, from 4.505% on 19 February but is higher than 3.858% a year ago, data from Chatham Financial shows.
Five-year sonia swaps are also lower at 3.937 on 15 March from 3.961% on 19 February but higher at 3.519% from 12 months ago.
A Nationwide spokesperson says: “Swap rates, which underpin fixed-rate mortgage pricing, have continued to trend up, leading to rate increases across the market in recent weeks.
“This has meant we’ve had to make small increases across selected switcher rates. However, the new products continue our existing mortgage member pricing pledge which means our switcher rates will be the same or lower than their remortgage equivalents.”
