The big news today is that Nationwide the countries fourth largest mortgage lender has increased its interest rates by half a percent amid growing uncertainty in the property market.

This rate increase is going to affect people who are taking out a 2 or 3 year fixed rate mortgage with 10% deposit. It was also released by Nationwide that they will be raising interest rates on tracker mortgages as of the 17th of June. The lender blamed the hike in rates on inter bank borrowing.
Nationwide isn’t the only mortgage lender taking further action. The Woolwich also announced that it would be temporarily suspending their 2 year fixed rate mortgage in mid June. Other lenders that are also increasing their rates are RBS and Halifax.

Also in the news today, an official report released by the Office of Fair Trading stated that all Estate, Lettings and management agents of residential properties should be properly regulated. It went on to say that anyone who is running a company of this type should be formerly qualified and the company should be a member of an Ombudsman. This would basically standardize the level of service expected in the industry. But would this improve things?

Related posts:

1. Property News 16th June 2008
2. Property News Round Up 9th June 2008
3. Tough times ahead - April 2008
4. UK Property News July 15 2008
5. Higher deposits needed for mortgages