When interest rates go up often times so does your mortgage. The company, Nationwide announces a rate hike of 0.25 rise onto to customers variable mortgage rates. The Bank of England is expected to make and announcement raising the rates, the very first time in ten years. Good news for fixed rate mortages though, Nationwide announces that they will be reducing those rates by .50. They are going to use the .25 rate hike to award savers by passing that percentage onto savings accounts.
- Nationwide will raise interest rate for home owners if the Bank of England raises their rate this week.
- Many consumers are scared of debt and inflation so they are welcoming the interest rate increase for the first time in ten years.
- Nationwide plans on reducing its fixed mortgage deals which may turn out well for many consumers.
“On the same basis, those on the Standard Mortgage deal will pay an extra £19 a month – £228 a year”
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