Nationwide Interest Rates - The Timing Seems More Than A Co-incidence...
Yesterday (23rd January), Nationwide announced interest rate reductions across their mortgage products, which is of course great news to people hunting for the best mortgage rates... well, maybe not all!
Co-incidentally, yesterday's announcement came the next working day after Nationwide's cut-off point for exiting products or switches signed up to that month. Usually, their cancellation date is the 20th of the month, but as that landed on a Saturday, it's the 22nd for this month. I find that rather convenient timing - anyone who had a mortgage product due to start 1st February could not cancel after the 22nd January, and shock horror, Nationwide announces rate cuts on the morning of the 23rd January (which take affect today - 24th)!
I don't believe this to be fair practice, the timing looks deliberate and manipulated, and I have reached out to Nationwide - via email in order to collect evidence should I need it in future - to raise a complaint. I'm awaiting a reply.
Has anyone else been impacted by this? Also, does anyone have any advice on sensible next steps whilst I wait for Nationwide to reply? Thanks in advance.
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