Brokers said the UK mortgage market is in a ‘yo-yo’ state today, as Nationwide upped its interest rates on the same day that Santander said it would cut prices.
Nationwide, the country’s biggest building society, said it was upping the interest rate on certain mortgages by up to 0.25 percentage points, soon after Halifax and HSBC announced rate rises of their own. Nationwide last cut rates in late January, dramatically slashing prices by up to 0.81 percentage points after a long wait at the start of the year, and increased rates on many products again after the Bank of England held its base rate earlier this month.
