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Nationwide Eases Out
Nationwide, the UK's largest mortgage lender after Halifax, said today that it wanted to turn away business to take greater control over the amount it lends.
From tomorrow it will increase the rates on its tracker deals by more than half a percentage point in an attempt to become less competitive. This will come as an added blow to homeowners who are already facing large increases in their monthly mortgage repayments. About 1.4 million people will come to the end of fixed-term deals this year, and the average homeowner with a £150,000 mortgage will have to pay between £60 and £120 a month extra for a new fixed-term deal.
