Nationwide Rate Rises
Nationwide Building Society is set to make increases of up to 0.86% points on its fixed-rate mortgages, with rival lenders expected to follow suit. A five-year fix is set to rise from 4.78% to 5.64%. Two and three-year fixed-rate deals are also set to jump by up to 0.61% points.
Building Society in Crunch Talks
Dunfermline Building Society, which has 34 branches across the country and almost 500 employees, was founded 140 years ago. It is Scotland’s biggest building society.
However, it emerged at the end of last week that the group was in serious cash flow trouble and facing losses of multi-million pounds. The group now remains in intensive talks with the financial regulator over its future. It is understood many of Dunfermline’s woes stem from its exposure to bad loans in the commercial property market.
Though Dunfermline would not comment on speculation about its finances, there has been speculation that it could announce losses of up to £26m.
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