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Nationwide to increase fixed rates

Nationwide has increased the rates on its range of fixed rate mortgages.

The new rates are available from February 1 2007.

For home movers, the two-year fixed rate with a £499 fee will be available from 5.48%.

The two-year fixed rate with no fee is available from 5.88%, while the two-year fixed rate with £899 fee starts from 5.28%.

The three-year fixed rate with £499 fee starts from 5.63%, the five-year fixed rate with £499 fee starts from 5.48%, and the 10-year fixed rate with £499 fee starts from 5.48%.

For remortgages and additional borrowing, the two-year fixed rate with £499 fee will be available from 5.58%, the two-year fixed rate with no fee is available from 5.98% and the two-year fixed rate with £899 fee is available from 5.38%.

The three-year fixed rate with £499 fee is available from 5.73% five-year fixed rate with £499 fee from 5.58%, and the 10-year fixed rate with £499 fee is available from 5.58%.

Existing Nationwide mortgage customers get a £100 discount off their
reservation fee when they switch from one Nationwide product to another, buy a new home or borrow additional monies.

John Sutherland, marketing director at Nationwide, says: “Money market rates have been rising steadily over the past few months and virtually every lender has been forced to launch new fixed rate products that reflect these higher costs.

“Nationwide’s products are still very competitive for borrowers whether they are buying a new home, remortgaging from another lender or moving to a new deal with Nationwide.

“We are offering the same interest rate for two, five and 10-year fixed rate deals.

“This means that borrowers can fix their mortgage for the long-term if they wish, giving them certainty if the base rate increases again.”

All of Nationwide’s fixed rate mortgages offer borrowers the additional
flexibility to overpay or underpay during the deal period.

Nationwide will withdraw its current range of products at 11.59pm on
Wednesday January 31 2007.

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