Britain's biggest building society is hiking some fixed mortgage rates for new borrowing from Friday, while another major lender has temporarily removed some products. Nationwide Building Society said it needed to increase fixed rates to ensure they remain sustainable, while HSBC UK said it had temporarily removed some products so it can "stay within operational capacity".
Nationwide is increasing selected fixed-rate deals for new borrowing as well as reducing some rates on trackers. The changed rates for new mortgage business will be effective from Friday.
A Nationwide spokesperson said: "In recent weeks swap rates (which underpin the pricing of fixed-rate mortgages) have continued to rise and lenders across the market have increased rates or withdrawn products. We are not immune to this and need to increase our fixed rates to ensure they remain sustainable."
