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Nationwides mortgage shake up not a complete U-turn says, L&C

While Nationwide’s shake up of its mortgage range is not technically a U-turn, it remains to be seen whether existing customers see it in the spirit of the society’s ‘same deal for all’ policy, says London & Country.

James Cotton, mortgage specialist at L&C, says: Technically speaking, this is not a departure from Nationwides stance of offering a level playing field to new and existing customers rather it is differentiating between rates offered for home buying and remortgaging.

“However it remains to be seen whether existing customers will feel this move is in the spirit of Nationwides same deal for all policy.

“The main change will be the introduction of different rates for purchases and remortgages.

“Deals available to remortgage borrowers will have slightly higher rates than purchase deals, however the remortgage administration fee (currently 99) is being removed.

“This may appear to be a shift away from Nationwides pledge to offer the same rates to everyone, but the reality is that people who are buying a new home will have access to the same rates regardless of whether they are new or existing customers.

“The same is true for those remortgaging from another lender or Nationwide borrowers switching to a new deal. Nationwide has also introduced a 100 loyalty discount for existing borrowers in the form of a lower reservation fee.

“This is a welcome move, although those opting for a no-fee deal will obviously miss out on any discount.”


SSM to expand distribution

Scarborough Specialist Mortgages is planning to make its new sub-prime products available to all brokers and not just packagers and key account brokers, ahead of schedule. The product range offers rates ranging from 5.29% on prime loans to 6.49% on adverse buy-to-let mortgages. Tony Burdin, head of group marketing at Scarborough, says: “The extensive market […]

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Broker wins £10,000 Harrods shopping spree

One lucky broker has won a once-in-a-lifetime £10,000 Harrods shopping spree from Mortgages PLC. The prize draw was the culmination of a competition the company has been running since the launch of its On Demand online trading system in February 2006. All brokers who registered to use the On Demand online system were entered into […]

Principality goes live on MTE

Principality has become the latest lender to go live on the Mortgage Trading Exchange. Electronic forms for Key Facts Illustrations, agreements in principle and full mortgage applications have now been created. Mortgage Trading Exchange covers 27 lenders and packagers. Mick McGuire, director of business development at Principality, says: “We launched electronic services to brokers earlier […]

Canada Life annual IHT survey results

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