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Nationwide hikes interest rate on long-term fixes

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The lender has increased the pay rate on 10-year fixes by up to 0.30 percentage points
Nationwide hikes interest rate on long-term fixes

Nationwide has announced it is raising interest rates on its 10-year fixed rate mortgages.

The mutual’s 10-year 60% loan-to-value (LTV) product has gone up to 3.09%, from 2.99%.

Its 70% LTV 10-year rate has been increased from 3.09% to 3.19%, while 75% LTV deals have gone up from 3.19% to 3.29%.

All products come without a mortgage arrangement fee.

Results from the UK’s second biggest lender this month showed that Nationwide increased mortgage lending for residential customers by 17% to £17.5bn in the half year to 30 September, compared to a year earlier.

The building society has recently made other criteria changes, including increasing the maximum loan-to-value ratio for remortgage customers to 90%, as well as loosening income policy, allowing clients to provide three months’ worth of bank statements, rather than six months as previously requested.

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