Wednesday, June 10, 2009
As rates rise, property prices are going to fall further, no doubt about it…
Nationwide hits buyers with mortgage rate rise
Nationwide Building Society, Britain's third biggest lender, is planning to raise interest rates on its most popular mortgage deals, in a move expected to force rivals to follow suit. Homeowners are being urged to lock into a deal as soon as possible after mortgage experts warned that the size of the Nationwide's increases will force other lenders to react by hiking their own interest rates.
Posted by hotfoot @ 08:41 PM (752 views)
2 thoughts on “As rates rise, property prices are going to fall further, no doubt about it…”
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mark wadsworth says:
Those spiteful so-and-so’s – don’t they realise that we must throw the entire economic resources of the nation into propping up house prices? It does not matter who goes hungry or who loses a job, house prices must stay high! It is our patriotic duty!
paul says:
Interstingly, Nationwide refuses to be drawn into commenting on it.
It should be remembered that like savers, Nationwide’s relative prudence has been severely punished, both by the low interest rates and its mandatory contributions to the FSA’s asset insurance scheme to bail out the feckless and reckless.
Paul Tucker’s comments on banks scoring an own goal by reducing lending are going to fall on very deaf ears.