Need to know
A lot of people have a new financial headache and it’s a fast-moving situation
Anyone looking at mortgages has a new headache this week(Image: LordHenriVoton via Getty Images)
Need to know: Mortgage rate hikes hit nationwide and Virgin Money customers
- Nationwide and Virgin Money customers faced fresh mortgage rate hikes on Friday, adding to a wave of increases across major lenders.
- Both institutions are raising rates by up to 0.2 per cent, marking their second increase in just one week. Experts warn this could add roughly £360 annually to a £150,000 mortgage.
- The rate rises follow similar moves by NatWest and Barclays, with the mortgage market described as being in “turmoil”. Swap rates are climbing due to Middle East tensions, forcing lenders to pass costs onto borrowers.
- Emma Jones from Whenthebanksaysno.co.uk said: “Rates are now going up at breakneck pace and borrowers should be very conscious of this fact.”
- Dariusz Karpowicz from Albion Financial Advice warned: “Four rate rises in a single week and we are not done yet.” He advised borrowers to “lock your rate in now” before further increases hit.
- Industry experts predict more volatility ahead until geopolitical tensions settle and markets stabilise.
- READ THE FULL STORY: Nationwide brings in ‘new £360 charge’ for customers from today
