Nationwide is the latest high street lender to come under fire for allegedly undercutting brokers.
Peter Stokes, director of brokerage Davidson Deem, says the lender is providing a more attractive tracker deal direct than the one it offers via brokers.
He says its exclusive three-year tracker at 0.74% above the base rate, available only to online customers and through its branches, is an example.
Stokes says inferior deals that are 1.15% above the base rate for two years or 1.34% above the base rate for life are available via brokers.
He adds: “Nationwide is another lender that is happy to undercut products available to brokers by offering better ones in branch.”
Peter Leydon, director of intermediaries at Nationwide, says: “A number of lenders are offering competitive branch deals so to bring our range in line with the rest of the market we have introduced a three-year product that is not directly comparable with the wide range of deals available via brokers.”