Everything you need to know as Nationwide customers face £360 ‘charge’ | Personal Finance

Nationwide and Virgin Money were set to increase mortgage rates by up to 0.2 percent from Friday, joining NatWest and Barclays in a week of widespread rate hikes.
Experts warned the increases would add roughly £360 annually to a £150,000 mortgage. Both lenders had already raised rates just a week prior by up to 0.25 percent.
The mortgage market is in “turmoil” due to rising swap rates linked to Middle East tensions. Emma Jones from Whenthebanksaysno.co.uk said: “Rates are now going up at breakneck pace and borrowers should be very conscious of this fact.”
Dariusz Karpowicz from Albion Financial Advice described “four rate rises in a single week” with more expected. He warned: “That extra 0.2 percent adds roughly £360 a year on a £150,000 mortgage. Not pocket change.”
Industry experts are urging borrowers to lock in rates immediately before further increases. Markets are pricing in higher inflation expectations due to geopolitical uncertainty.
The entire mortgage landscape has changed dramatically in under a fortnight, with lenders passing rising costs directly to borrowers as global tensions continue to impact financial markets.

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