Nationwide Building Society is to begin contacting introduced mortgage customers who are reaching the end of their term, informing them of their options for switching to a new product, including using intermediaries.
In the 12 week ‘maturity’ letters, the lender intends to remind borrowers who initially used a broker that they can go direct to the lender or via a broker if they choose to move their mortgage to one of Nationwide’s switcher products.
This brings Nationwide’s approach inline with those of its buy-to-let arm, The Mortgage Works.
Nationwide director of intermediary relationships says: “We wanted to make it clear to our members that they have a number of options when it comes to the channel they choose, should they decide to switch to another Nationwide product at maturity. As a result, from March our future 12 week mailings will be changed to reflect this.
“This positive change is one of a number we have delivered recently, including reducing the time to process procuration fees and streamlining application processes, which further demonstrate our ongoing commitment to the intermediary community.”