Nationwide brings in ‘new £360 charge’ for customers from today

Dariusz Karpowicz, director at Doncaster-based Albion Financial Advice, explained that an additional 0.2 percent adds approximately £360 annually to a £150,000 mortgage. He said yesterday: "Four rate rises in a single week and we are not done yet. Nationwide and Virgin Money are both hiking by up to 0.2 per cent from tomorrow, right behind NatWest and Barclays. That extra 0.2 per cent adds roughly £360 a year on a £150,000 mortgage. Not pocket change. "Until geopolitical tensions settle, lenders will keep repricing. Swap rates are reacting to global uncertainty and lenders are passing every basis point straight to borrowers. "If you are sitting on a deal or thinking about one, lock your rate in now. You can always switch to a lower rate later if markets calm down. Waiting, on the other hand, only costs you more."