Nationwide, Atom Bank join UK lenders hiking mortgage prices

BLOOMBERG

Nationwide Building Society and Atom Bank Plc announced increases in mortgage rates, joining a flurry of UK lenders who are raising prices in response to inflation.
Nationwide said in an email that it would raise fixed rates by as much as 0.7%, while Atom Bank announced increases from 0.25% to 0.6%  on certain products due that same day.
“With the continued upward trajectory of swap rates in recent times and lenders across the market increasing rates, we are having to make some increases,” a spokesperson for Nationwide said. “These changes are in line with the movement in swap rates and ensure that, as a building society, we can continue lending to all types of borrowers.”
A spokesman for Virgin Money said it had acted to protect service levels and expected to launch a new product range next week. A representative for Atom wasn’t available for comment.Pressure is building again amid a rush by lenders to pull products as bond yields rise to levels last seen in 2008.
Banco Santander SA paused some mortgage deals for new borrowers and NatWest Group Plc increased prices, while HSBC Holdings Plc told brokers it would raise rates for the second time this week.
The average UK two-year fixed-rate mortgage rose to 5.92%, according to Moneyfacts Group Plc. That’s the highest since December, when rates were easing after an ill-fated government budget plan fueled a market meltdown.