Nationwide Building Society 's decision to offer different mortgages to different categories of borrowers represents a "u-turn" by the company, an expert has claimed.
Ray Boulger, senior technical manager at mortgage lender John Charcol, noted that from December 1st 2006 the company will offer different packages to new and existing borrowers, while also providing separate deals for home buyers and those looking to find a remortgage .
This could be an affront to customers, particularly those who opted for Nationwide due to its advertising campaign - featuring actor Mark Benton - in which a lender offers the best mortgages "for brand new customers", warned Mr Boulger.
"Nationwide are claiming that because existing customers are being offered the more expensive remortgage rates they haven't changed their policy of offering the same rates for everyone but this is ridiculous," the expert said.
Louise Cuming, head of mortgages at Moneysupermarket.com, also claimed that the mortgage lender may have "lost its moral high ground" due to its decision.
Ms Cuming added that the move could reduce the number of borrowers willing to stay with the society.
Nationwide mortgage decision a u-turn, claims expert
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Nationwide mortgage decision a u-turn, claims expert
Wed, 29 Nov 2006
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