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Nationwide looks at client data fees

Nationwide admitted last week that its 75 charge to brokers for client information is under review.

The society has come under fire from brokers about the charge. Debbie Boyes, proprietor at Debbie J Boyes Professional Mortgage Brokers, tells Mortgage Strategy that she is outraged the society charges brokers for information on clients.

She discovered the charge after calling the society to find out what a client’s outstanding balance was on a two-year fixed rate mortgage that was coming to an end.

Boyes says: “We have never come across this with other lenders. It is outrageous that Nationwide charges us for doing our jobs correctly.

“To treat our customers fairly we have to check that the lender a client is with is still as competitive as others.”

But when Mortgage Strategy contacted Nationwide it admitted the charge was under review.

A spokeswoman for Nationwide says: “Our policy is that anybody other than the borrower is charged for the information. We do listen to feedback from intermediaries and take their views into account when making decisions about fees. This charge is being reviewed.”

Rob Griffiths, associate director at the Association of Mortgage Intermediaries, says: “If a client has given an intermediary permission, this sort of information should be given to the broker.

“I see no reason why lenders should charge for this information. Brokers are entitled to it.”

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