DanAronG
Joined: 17 Oct 2008
Posts: 103
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| Posted: Wed Apr 29, 2009 2:48 pm Post subject: Nationwide withdraws SVR guarantee |
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Previously, Nationwide Building Society has pegged its Standard Variable Rate (SVR) to the Bank of England base rate, guaranteed to be no more than 2% above it. This meant that when any fixed deal ended, assuming the customer did not arrange a new deal, they would automatically transfer to the SVR which was for all essential purposes a tracker rate.
However new customers will no longer benefit from this guarantee as Nationwide have withdrawn it for all new deals which will now default to the lenders new "standard mortgage rate", currently 3.99%, with no guarantee as to what the rate will be in the future. |
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