Nationwide base rate row goes on

Nationwide has come under fire again over the way it displays the Bank of England base rate on sourcing systems.

Last week Mortgage Strategy re-ported that the society had asked sourcing system Trigold to change the base rate back to 4.5% on its system despite the recent 0.25% increase.

One broker claimed Nationwide was falsely advertising its products in an attempt to gain customers.

But Nationwide says the incident was a misunderstanding caused by communication problems with Trigold.

Now a second broker has come forward claiming Nationwide is still quoting 4.5% base rate via sourcing system Homebuyer.

The source says: “This consistently puts Nationwide at or near the top of my results page when I am sourcing. Homebuyer changed the rates as the products were linked to the base rate, only for Nationwide to ask it to change them back again.”

Charlotte Sjoberg, spokeswoman for Na-tionwide, says: “This is a difficult situation as our trackers are 0.13% below 4.50% and borrowers on the rate will not see an increase in payments until September 1.

“But new customers are unlikely to have completed their mortgage or remortgage until September so they will be paying the higher rate following the increase in the base rate from the start of their deals.”