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Lending giants up rates after base rate rise

Nationwide and Halifax have become the first major lenders to confirm they will increase their rates following yesterday’s 0.25 per cent base rate rise to five per cent.

Nationwide’s base mortgage rates will be increased by 0.25 per cent from 6.24 per cent to 6.49 per from December 1.

Changes to tracker mortgages will move in line with the base rate and this change will be effective from December 1, as well.

Halifax will be increasing its standard variable rate from 6.75 per cent to 7 per cent.

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