Coventry, Nationwide, Nottingham and Virgin Money raise fixed rate prices

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Coventry for Intermediaries, Nationwide, Nottingham Building Society and Virgin Money will all raise fixed-rate mortgage prices by up to 25bps over the coming days.

Virgin Money is increasing its fixed-rate mortgage prices by up to 25bps from 6 March.

The changes include purchase two-year fixed rates rising by up to 25bps, starting from 3.92%.

Shared ownership fixed rates will be increased by up to 25bps, starting from 4.01%.

Five-year fixed rates will be increased by up to 18bps, starting from 4.11%.

The lender is also increasing its remortgage fixes by up to 15bps, with two-years starting from 3.99% and five-years from 4.09%.

Product transfers will rise in price by up to 11bps for five-year fixes, starting from 3.81%.

Nationwide will increase rates on almost all its fixes from 6 March by up to 25bps.

This includes rates across the lender’s first-time buyer, home mover, existing customers moving home, remortgage, switcher and additional borrowing ranges.

An example of the changes would be a five-year first-time buyer mortgage at 95% LTV which will be 5.04% with a £999 fee.

Coventry for Intemediaries said it would increase all its fixed rates for new and existing borrowers, both residential and buy-to-let, from 8 March. It gave no further details.

The lender is also extending all end dates for new and existing borrowers.

Nottingham Building Society is increasing rates by up to 13bps from 9 March on its standard residential new lending range, as well as withdrawing selected products.

Moneyfacts head of consumer finance Adam French said: “Conflict across the Middle East means the Bank of England is likely to resist any temptation to cut the base rate for now and instead hold steady until the economic effects become clearer.

“What is immediately obvious is the risk of adding fuel to what may prove to be a fresh inflationary spike far outweighs any benefit a rate cut could bring.

“Lenders are already beginning to change plans and reprice products in response to the likelihood of rates remaining at their current level, or higher, for longer than had been expected.”


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