Nationwide has rebutted accusations that it is falsely advertising its products in an attempt to gain customers.Nationwide reportedly asked sourcing system Trigold to change the Bank of England base rate back to 4.5% on its system despite the recent 0.25% increase. A source at Trigold says: “Nationwide called and asked us to lower the base rate to 4.5%. Since then we have been trying to contact it to tell it that this must be changed back again as we have received several complaints. We take a client’s lead but it is our duty to display products correctly.” One broker who does not wish to be named says: “The two-year tracker clearly states Nationwide offers a 0.13% discount off the base rate and that the rate on offer is 4.37%. This shows that Nationwide has the base rate at 4.5%. “I can’t offer these products to my customers. It’s unbelievable.” But Nationwide puts the incident down to a misunderstanding. Spokeswoman Charlotte Sjoberg says: “What we think has happened is that Trigold received information from us for our new rates and implemented these changes as soon as it received them. “When we contacted Trigold to tell it that our changes do not come into effect until September 1 and therefore must be reversed, it seems it changed the base rate too. We are in the process of rectifying the situation.”
- Top trends
The Council of Mortgage Lenders says the 17% boom in buy-to-let in the first half of 2006 is a sign of a buoyant rental market. The trade body last week rel- eased figures for the first half of this year showing lenders advancing 152,500 buy-to-let loans worth 17.5bn – an increase of 17% by volume […]
Packager Mortgage Choice has launched the next phase of its enhanced technology programme by offering intermediaries access to online applications from it 10 lenders.Doug Hall, sales director, says: Phase one has to date resulted in an average application to offer turnaround time of 14 days, which is a direct result of the automatic email function […]
Standard Life has appointed Allison Crawford as sales and marketing director. Crawford has worked at Standard Life Bank for two years as head of bank customer proposition. Prior to joining Standard Life Bank, she worked as head of business technology at Aegon UK, as well as head of marketing at Direct Line Life (a joint […]
InterBay has taken on Anna Lewis from Purely Mortgages as a loan manager. Lewis follows in the footsteps of Colin Bell, operations director at InterBay, who was one of the founding members of Purely but left in November 2005 to join InterBay.
Lorna Blyth, Royal London Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]
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