Nationwide is urging lenders to embrace one of the Miles' report's key recommendations and make their full range of products available to all their customers.
This week marked 100 days since the publication of Professor David Miles' report on the UK mortgage market and Nationwide claims neither the Treasury nor the industry has yet acted to implement any of his recommendations.
Nationwide says the failure of Government, the FSA and the industry to respond with any details on how they intend to take forward Miles' recommendations is hitting consumers in the pocket.
It points out that despite criticising the current mortgage pricing structure, most lenders have so far failed to take the option presented by Miles of making their full range of products available to all borrowers. Nationwide executive director Stuart Bernau says as interest rates continue to rise, it is even more important for borrowers, especially those who have been loyal to their existing lender, to receive fair value. He suggests that if they do not, borrowers should remortgage to a lender which is transparent and clear in its pricing structure.
Nationwide's mortgages have been available to all new and existing borrowers since 2001.
Bernau says: “We call on other lenders to follow our lead and make their full range of mortgages available to all. This means accepting both the spirit and letter of what Professor Miles said in his final report.
“For example, some mortgage lenders purport to make their full range of mortgage products available to all but when customers try to take advantage of this, they find themselves charged for transferring to the new product.”