Nationwide borrowers offered £300 to switch to new rate
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Nationwide is offering its existing mortgage customers £300 cashback to switch to another deal at the end of their mortgage.
However, the society says the move is not designed to lure people away from its 2.5% base mortgage rate.
The offer came into effect on June 11 as part of the society’s simplification of its core range.
A spokeswoman for Nationwide says: “We have offered similar loyalty schemes for existing customers in the past and this is just an extension of this.
“It is not anything to do with moving people away from our BMR, it is just about rewarding loyal customers.”
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Readers' comments (5)
David Winder | 23 Jun 2010 6:38 pm
“It is not anything to do with moving people away from our BMR it is just about rewarding loyal customers.”
Publish the minutes of the meeting, just so we can check that.
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Anonymous | 24 Jun 2010 9:28 am
erm...wouldnt the best way to 'reward loyalty' be to offer the best long term value.
bring on the spin Nationweide.
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Darren Newton | 24 Jun 2010 9:29 am
What a load of rubbish! They are trying to tuck their borrowers up! So much for being a fair Mutual Building Society! Borrowers beware!
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Anonymous | 24 Jun 2010 4:13 pm
The claim is scarcely believable! They're losing big money by customers being on the BMR. Why don't they just admit it?
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Anonymous | 23 Nov 2010 11:07 am
TCF? anybody? lets pay someone £300 to move to a disadvantageous rate in the hope they'll be blinded by the lights
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