nationwide mortgages

MarkyMarkD

Debt_Free_Chick wrote:

Not sure that only having a mortgage would produce any windfall. Often, you need to have a savings account, so that you are "a member" of the society. The windfall compensates you for losing your member status.

In almost every case, a building society mortgage borrower would qualify for a conversion windfall. In fact it is rather the other way round - some building societies had non-membership savings accounts (often called deposit accounts) but all mortgages of theirs would be membership-relevant.

The exceptions are the mortgages issued by the BS's subsidiaries - e.g. UCB for Nationwide or many and varied for Skipton, Bradford & Bingley (before they converted), etc. These don't qualify you for membership of the building society.