Nationwide Interest Rates - The Timing Seems More Than A Co-incidence...

AJ1987

This has happend to me. Unfortunately my new deal is for 5 years so I will be paying £3,300 extra over that period. Personally I find it very unethical to announce a drop in the non-cancellation period with out offering to those "locked in". If it had dropped after my mortgage had started on the 1st February then fair enough.
I was also informed, repeatedly, by a nationwide employee that I had until the 26th of the month to cancel and renew.
I agree that it is bad timing but my current mortgage doesn't end until the 31st January and the new one doesn't start till the 1st February so technically I'm not wanting to change my current interest rate.

AJ1987

KevinUTO1867 after I complained I was told that I'd missed the cut off of the 20th, I've been given no information on how to progress further other than contacting the ombudsman 

KevinUTO1867

AJ1987 said:

This has happend to me. Unfortunately my new deal is for 5 years so I will be paying £3,300 extra over that period. Personally I find it very unethical to announce a drop in the non-cancellation period with out offering to those "locked in". If it had dropped after my mortgage had started on the 1st February then fair enough.
I was also informed, repeatedly, by a nationwide employee that I had until the 26th of the month to cancel and renew.
I agree that it is bad timing but my current mortgage doesn't end until the 31st January and the new one doesn't start till the 1st February so technically I'm not wanting to change my current interest rate.

Sorry to hear it's happened to you too - even more so with the length of the deal and the considerable sum involved.

I haven't received a reply today from Nationwide, who asked me to let them know if I was happy with the outcome or not as that would trigger their communication for the next part of the process. Hopefully, they'll reply early next week, but I suspect it'll just be information about how to contact the Financial Ombudsman, along with my product acceptance paperwork.

Keep us updated how you get on - and good luck.

AJ1987

I'm sure nothing will happen but maybe if enough people brought it up with the ombudsman maybe they'd look in to it

KevinUTO1867

Not expecting anything either as, whilst such practice is pretty unfair and underhand, it’s probably also legit. In that case I’m not sure the Ombudsman can do anything.

But, I’d rather try and lose than not try at all. At least I now know Nationwide’s values and I can bank accordingly in future. 👍🏻

AJ1987

www.financial-ombudsman.org.uk/make-complaint

For anyone else who wants to make a complaint

ACG

AJ1987 said:

www.financial-ombudsman.org.uk/make-complaint

For anyone else who wants to make a complaint

You do have to make a complaint to the company involved first. 

AJ1987

ACG said:

AJ1987 said:

www.financial-ombudsman.org.uk/make-complaint

For anyone else who wants to make a complaint

You do have to make a complaint to the company involved first. 

I already have

ACG

I know. It was more for the benefit of anyone who just read your post. 

Hoenir

KevinUTO1867 said:

Hoenir said:

KevinUTO1867 said:

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.

How can they determine one without knowing the other. Mortgage books are run at the macro level. All will be determined by data. Along with the tranche of funding made available to every new product. 

You won't receive a satisfactory response to your complaint. As this is a pure commercial decision. Given the scale of the operation. If you take your business elsewhere then it's not going to concern the Nationwide. 

If rates had risen. Would you be complaining now ? 

Mortgage rates are also determined by when it's most profitable for the lender, and I suspect its more profitable to announce cuts when a higher percentage of borrowers can't move their business elsewhere/to lower rates. Which is fine, but it's a pretty unethical and very opportunistic. Not the sort of organisation I'm interested in using.

.

I'd be interested in some hard facts to back this assertion. Easy to fire off on all barrels. Just because you're disgruntled. Which I fully understand I should add. Hot air alone though is going to progress your complaint very far.