Nationwide revealed as worst performer

In The Times last weekend, they revealed the results of their survey by MoneyFacts to show whether or not mortgage lenders have played fair with the interest rate cuts given by the Bank of England’s Monetary Policy Committee this year.

Surprisingly, the ‘consumer champion’ Nationwide was revealed as being top of their hall of shame.

Many mortgage lenders have delayed passing on rate cuts or passed on less than the interest rate cut given, however, the Nationwide topped their hall of shame because it managed to cut its trackers by even less than everybody else did, with a reduction of just 1.41 percentage points.

The industry regulator, the Financial Services Authority (FSA) is reportedly putting more pressure on mortgage lenders to maintain strict lending criteria despite the interest rate cuts.

Michelle Slade of Moneyfacts said: “Nationwide is the only lender charging above the average of all lenders on its two-year trackers and fixes. They are pricing themselves out of the market as they currently have no appetite to lend — forcing their members to look elsewhere.”



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