Nationwide’s mortgage rate increase takes effect.
On 1st September 2018, the building society, Nationwide’s base rate rose from 2.50% to 2.75%. Their tracker mortgage also increased by 0.25% and their standard variable rate went from 3.99% to 4.24%.
Nationwide is one of the few lending institutions to have reflected the full quarter percent of the base rate increase in their pricing, however, their rates are still highly competitive.
The presence of ultra-low interest rates has been continuous in the mortgage market for more than 12 months. This makes the environment for lenders a very competitive one and has forced their margins to narrow, especially after the previous rise in the base rate last November.
The competitive nature of the market has meant an unprecedented opportunity for buyers to secure the deal of a lifetime. However, not everyone has. This is because, according to market analysts, a staggering number of mortgage-hunters plump for the first option they see without spending any proper time on research or shopping around.
Consequently, many have, and are still, missing out on flexible borrowing terms and super-value mortgage rates, even taking the increase in the base rate into account.
Don’t fall into the trap of falling for the first mortgage package that appears to fit the bill. Contact Deal Direct for expert advice on how to save money on your mortgage payments and where to get the best deal.