Monday, June 2, 2008

More rate increases this one from a biggie

Nationwide raises mortgage rates

The volatility of the mortgage market has continued with another change in rates by a major lender.

Posted by holding out @ 01:02 PM (1298 views)
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8 thoughts on “More rate increases this one from a biggie

  • Rental John says:

    It doesn’t work like that!

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  • Mark Wadsworth says:

    “It said that consumers should expect “frequent changes” to the cost of fixed-rate deals.”

    Upwards, hopefully. Anybody who takes out a cut-price mortgage without planning for what might happen if rates were to return to their long run average plus a couple of percent (i.e. about 9%) deserves little sympathy.

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  • Fixed Rate Increase

    · · 2 year fixed rate (£599 fee and no fee) increased by 0.30%.
    · · 3 year fixed rate exclusive products (including first time buyer) increased by 0.30%.
    · · 5 year fixed rate products (including no fee switcher offer) increased by 0.25%.
    · · 10 year fixed rate products increased by 0.10% up to 90% (loan to value) LTV tier and increased by 0.20% within the 90 – 95% LTV tier.
    · · 25 year fixed rate products increased by 0.10% up to 90% (loan to value) LTV tier and increased by 0.20% within the 90 – 95% LTV tier.

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  • Nationwide is no longer accepting remortgage applications on self-builds, has made changes to lending its criteria for new-builds, and across the board for its fixed rate products.

    It has decided to deny further access to remortgage applications on partially built properties, partially completed barn conversions and building plots. The decision extends to raising capital on a mortgage free self build, conversion, and plot.

    The criteria applies to new applications received on or after Tuesday 3 June.

    The maximum LTV on new-build flats will be 75%, with maximum LTV on new-build houses at 90%.

    With effect from Monday June 9, all new build properties will be valued on a re-sale basis. This was previously only the case for new-build flats.

    The lender says it has taken these decisions in order to bring them more in line with other high street lenders.

    Fixed rate products have also been re-priced. For purchases the 2 year fixed rate is 6.25%, max LTV 75%, with a £599 reservation fee. With no reservation fee the rate jumps to 6.65%.

    Nationwide has also made clear that for cases submitted after next Monday, valuation fees will only be refunded when it is notified of cancellation before 4pm on the day before the valuation is scheduled. The lender also makes the point the fee will not be refunded once the valuation has been carried out even if the application is denied.

    The deadline for reserving existing fixed rates is 5pm today.

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  • Quick, we must give them another £50bn (quietly of course), and ask for nothing in return – it is imperative for the stability of the senior executives’ bonuses.

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  • More lovely interest rate rises!

    ”Quick, we must give them another £50bn (quietly of course), and ask for nothing in return – it is imperative for the stability of the senior executives’ bonuses.”

    and also for them to drive up oil prices……

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  • Spot on hpwatcher……..sooner or later the people of the world, not just the UK, will have to wake up. Although I seriously doubt this will happen, as there was sod all said or done when it was reported that city boys and girls still cleared 13.3bln gbp in bonuses last month. When these same ‘criminals’ have driven the price of oil, and therefore the price of everything, up beyond the capabilities of Mr and Mrs average, and we have nothing to lose, maybe, just maybe there will be protest. At the moment we feel we have everything to lose, but this will change, when everything, materially, we have, will be worth nothing.

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  • Abbey and HSBC have now raised their fixed rates but of course there is no hint of this on the main news or in the mainstream press

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