We’re losing money on our equity investments, the cost of food is going up, energy bills have gone up and now the cost of a fixed rate mortgage is also on the up. Banks and Building Societies have had no choice but to increase the interest on fixed rate deals as the cost for them to borrow money in the wholesale markets has gone up by over 0.3%. (more…)

The Nationwide Building Society has raised the cost of its fixed rate mortgage for the second time in two weeks, meaning its two-year fixed rate deal has gone up by 0.5%. The Nationwide is not alone in this move as Woolwich has also raised rates. In fact, the Woolwich plans to pull itw two-year fixed rate range as funds run out. (more…)