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Nationwide introduces new standard rate

Customers taking out a mortgage after April 30 with Nationwide will no longer revert to its base mortgage rate when their deal expires, but will instead go on to the society’s new 3.99% standard mortgage rate.

The society will maintain its base mortgage rate, currently 2.5% for existing customers, but any new customers whose mortgages come to an end will revert to its new rate, which does not track the Bank of England base rate.

Nationwide has always pledged that customers on its BMR would pay no more than 2% above the BoE base rate.

Nationwide’s BMR is one of the lowest in the market but the society says it has to make the change to give it more flexibility with its products.

A spokeswoman for Nationwide says: “The new SMR provides us with greater flexibility. It doesn’t have the same guarantee as the BMR but it allows us more scope to offer better products.”


Politicians in row over HomeBuy sales figures

Housing minister Margaret Beckett has denied the Opposition’s claims that no properties have been sold through the government’s HomeBuy Direct scheme.

Bad bank, naughty bank, in your bed

I heard the news today, (oh boy), that the government are planning to sell off Northern Rock by the end of the year after splitting it up.

Keeping the Red (Bull) flag flying

The Labour Party’s proud and iconic red flag has been left in tatters after revelations that a proposed new website for the party would carry sleazy and unfounded personal stories about leading figures in other political parties dreamt up by Prime Minister Gordon Brown’s now discredited director of strategy Damian McBride.


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