Nationwide denies revoking its one-rate-for-all policy

Nationwide is denying it has revoked its promise to offer the same rates to new and existing customers, despite it being set to offer two different rates for purchases and remortgages.

From December 1, Nationwide will offer one set of rates for new and existing customers looking to purchase and another set for new and existing customers looking to remortgage to Nationwide from another lender, switching their Nationwide mortgage deal or taking out additional borrowing.

New and existing mortgage customers in the same circumstances will have access to the same rates.

In general, rates for customers buying a home will be lower than those remortgaging to Nationwide, switching deals or taking additional borrowing. In addition, existing Nationwide mortgage members will benefit from a reservation fee discount.

However, Nationwide says that it has absolutely not done a U-turn over its policy to offer new and old customers the same products.

Stuart Bernau, executive director at Nationwide, says: “By making these changes we will achieve greater flexibility and will be better placed to offer all our mortgage customers exactly what they want.

“We always aim to give outstanding value to all our members. These changes enable us to offer really competitive mortgage deals to customers whether they are changing home, changing lender or changing their deal.”