I was surprised to read the comments by Nationwide on how brokers are forcing consumers on to fixed rates.
As Nationwide has put its rates up by over 0.6% in the past week, thus increasing the margin between fixes and variable deals, is it surprised the latter remain popular?
It doesn’t realise that most brokers moved away from the two-year fixed rate market some time ago, especially as lenders have uncompetitive SVRs.
Most quality brokers are looking at better long-term fixes – not Nationwide’s offerings – or term trackers with drop-locks.
It’s another case of a big lender being out of touch with the market it is in. This must be why we are dealing more with smaller lenders that understand the concept of service, underwriting and product.
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