Nationwide Doubts 2023 Rate Cuts Despite Profit Rise, Warns of Rising Mortgage Arrears
-
Nationwide has cast doubt that interest rates will start falling in 2023 amid optimism of rate cuts.
-
Mortgage arrears rose at Nationwide in the half-year to September 30 as higher rates hit finances.
-
Nationwide expects further increases in mortgage arrears as inflation, rates and uncertainty continue.
-
Profits increased 2% to £989m at Nationwide as higher rates allowed it to charge more on loans.
-
Nationwide lowered some mortgage rates below 5% last week amid bets that interest rates will begin falling.