Proving that lenders who rely on the markets for funding don’t actually react to Bank of England interest rate cuts, the Nationwide was last night set to raise it fees and fixed rates.
As well as capping mortgages at £1m, fees for their 5-year product will rise by up to £200 to nearly £700 with a rate tweak upwards of as much as 0.32%.
This impacts new sales and remortgages.
Nationwide states that the exercise is aimed at controlling demand. This comes at a time when the HSBC, which is less reliant on the markets for funds, has offered to match rivals’ rates.
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