UK-based financial services provider Nationwide Building Society has revealed that it is to introduce a new range of mortgage products under a new pricing structure from December 1, 2006.
According to the company, there will be one set of rates available to new and existing mortgage customers who are buying or moving home, with separate rates for new and existing customers who are re-mortgaging to Nationwide from another lender, switching their Nationwide mortgage deal or taking out additional borrowing.
Nationwide said that its new mortgage range will give new and existing mortgage customers in the same circumstances access to the same rates.
Nationwide has also said that, in general, rates for customers buying a home will be lower than those re-mortgaging to Nationwide, switching deals or taking additional borrowing. Existing Nationwide mortgage members will also profit from a reservation fee discount.
The company has announced a number of benefits that Nationwide borrowers will benefit from, including no high lending charge for high percentage borrowing and a range of flexible features on its new mortgages offering the borrower the ability to overpay, underpay or take a payment holiday.
Stuart Bernau, Nationwide’s executive director, said: By making these changes we will achieve greater flexibility and will be better placed to offer all our mortgage customers exactly what they want.
These changes enable us to offer really competitive mortgage deals to customers whether they are changing home, changing lender or changing their deal.
However, the new pricing structure has caused some mortgage brokers to accuse the building society of breaking its ‘same deals for all’ promise.