Nationwide change the " existing mtg" deals

payless

Nationwide have changed their approach on "existing customer deals"

previouslt the same rate was avaiable to;

Home purchase
Remortgage &
Existing customer swaps

Now they will have 2 ranges

1. Home purchase
2. Remortgage Or inhouse existing customer swaps* ( not moving house)

* there is a slight fee reduction on existing customer swaps

they say this is still within their advertised not for "brand new customers only" ads, as the 2 types of clients are different ( ie moving or not moving home)

a similiar situation exists with Halifax

Innys

[email]B@stards...the[/email] only reason I remortgaged with them in the first place was because I thought I wouldn't have to go through this sh!te again!:mad:

payless

clever pricing ...

Innys

Or not so clever, depending on your point of view.

Let's face it, Joe Public isn't interested in pricing differences. All they see is the "brand new customers only" lender has now done the dirty on them.

I wouldn't be surprised to see that N/wide have to do yet another U-turn, just because of the (inevitable) public backlash.

KTF

I hope they dont put up the exit fee to sting people who jump when their deal ends because they have found a better one elsewhere as a result of this change.

Edit: Press release here http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=916 I see they have used interest only mortgages in their examples rather than the repayment ones that you would expect.

regularsaver1

Yeah lenders follow others don't they

AndrewSmith

Actually Nationwide have been offering different products to existing borrowers than new borrowers for a while now, I spotted this a while ago when reding the very small print T&C's on Trigold relating to a Nationwide remortgage product. Stated in black and white words to the effect of 'not available to existing Nationwide borrowers'.