The Nationwide has followed the lead of Abbey and Woolwich by increasing the cost of its fixed rate mortgages. Its top two-year fixed rate for homebuyers has jumped by over quarter of a percent from 5.95% to 6.25%, with a £599 arrangement fee - leaving it just 0.24% below its 6.49% base mortgage rate. Whilst the fee-free two-year fixed rate has also risen by 0.3% to 6.65%, and the best two-year fixed rate for remortgagers is now 6.45%, with a £599 fee.
Nationwide said that a significant rise in money market swap rates over the past few weeks had led it to reverse cuts made to its mortgage rates in May.
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