Mortgage rate alterations and new lifetime product announced by Nationwide.
Alterations to the interest rates of mortgages from the building society Nationwide are taking place in the wake of the Bank Rate increase.
Before the rise in the Bank Rate took place, Nationwide had already reduced its residential and fixed mortgage rates by 0.50%.
At the same time, they announced that the following increases would take effect from 1st December 2017, because of any action taken by the Monetary Policy Committee:
- base mortgage rate will rise to 2.5%
- standard mortgage rate will rise to 3.99%
Nationwide have also announced the introduction of a new lifetime mortgage. Loan to value amounts are available up to 46% for borrowers ages between 55 and 84. The fixed rate mortgage rates start from 3.80%, depending on LTV. Additional borrowing will also be available with this product, as will the ability to repay up to 10% per year and port the mortgage in the event of moving home.
By contacting Deal Direct, we can keep you abreast of all the changes currently taking place as mortgage lenders seek to reposition themselves in the market. Our team can expertly guide you towards the home financing products that are best suited to your needs as well as representing excellent value.
For clarity on all mortgage rates being offered throughout the UK today, contact Deal Direct.
To discuss your requirements fully,
call us on 0800 048 8828.
