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21/02/2002
Nationwide offers blanket deal on mortgage compensation
Nationwide, the UK's biggest building society, are to compensate 400,000 of their members who were not offered the same mortgage deals as those offered to new members.
The society will move all their existing variable rate borrowers onto a lower rate, which will cost Nationwide an estimated £90 million.
Nationwide's compensation will take the form of moving all their Standard Variable Rate members over to their Base Mortgage Rate.
The higher rate is currently 5.24 per cent, whereas the lower rate at half a percentage point lower is 4.74 per cent.
Nationwide's decision follows a ruling by the Financial Ombudsman relating to a member who last February was left paying a higher rate of interest than more recent members who were offered a lower standard variable rate.
The ombudsman told Nationwide they had acted unfairly. The member is set to receive compensation from the society.
(GB)
The society will move all their existing variable rate borrowers onto a lower rate, which will cost Nationwide an estimated £90 million.
Nationwide's compensation will take the form of moving all their Standard Variable Rate members over to their Base Mortgage Rate.
The higher rate is currently 5.24 per cent, whereas the lower rate at half a percentage point lower is 4.74 per cent.
Nationwide's decision follows a ruling by the Financial Ombudsman relating to a member who last February was left paying a higher rate of interest than more recent members who were offered a lower standard variable rate.
The ombudsman told Nationwide they had acted unfairly. The member is set to receive compensation from the society.
(GB)
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