In the News - Nationwide
Mortgage lenders raise rates despite predicted interest rate cut
Mortgage lenders Nationwide, First Direct, Cheltenham & Gloucester and Chelsea Building Society all raised their mortgage rates yesterday in response to continued worries over the 'credit crunch'. The move comes despite expectations that the Bank of England will soon cut its interest rates again. Nationwide, the UK's largest building society, has raised its tracker mortgage rates by over half a per cent, blaming the rise on "significant increases" in the cost of funding.
The news follows announcements last month by Nationwide that it would 'penalise' borrowers with less than a 25% deposit (reported in 'In the News' on 25 February 2008) and by Cheltenham & Gloucester that it would cease no-deposit mortages altogether (reported in 'In the News' on 29 February 2008).
(Sources: Guardian.co.uk)
Rate these businesses/organisations:
- Nationwide Building Society (-1.43
) - Cheltenham & Gloucester PLC (-0.07
) - First Direct (2.27)
- Chelsea Building Society (-.--)
- Recommended Banks & Other Financial Institutions on Plebble.com
Post to: Digg | Del.icio.us | Stumbleupon | Reddit | Facebook | Newsvine
28-Mar-2008 10:16:46
Sign up to Plebble's RSS feed here to keep up to date on all the latest stories.
