Mortgages Uncovered

There has been an outcry from the MSP and SNP’s who have called Nationwide’s decision for preventing the Dunfermline customers from accessing the new lower rate of mortgage products on offer as a “disgrace”.

The Nationwide is set to offer its own customers mortgage rates of 2.5% after the end of their current mortgages; however, Dunfermline customers are restricted to the mortgage rate of 5.49% when the BofE base rate is only 0.5%.

During the takeover, Nationwide arranged this as part of their deal with the Dunfermline Building Society.

Fife MSP Tricia Marwick covers the area of Dunfermline in one of her constituencies and recently commented:

“This is an outrageous move by the Nationwide. Mortgage holders with the Dunfermline will be very angry. When mortgage deals come to an end they should have access to the best deal in what is now one society. Their building society has been sold off behind closed doors and now they are expected to pay a premium for the privilege. This raises more questions over the terms on which the Treasury sold Dunfermline. Retaining the Dunfermline brand is important, but that should not mean Dunfermline savers and borrowers suffer. Scots will bear the cost of any job losses at Dunfermline HQ – they should not have to pay these additional costs as well.”