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Mortgage rate cut aids Nationwide coverage

The switch in media attention from Isas to mortgages during April helped Nationwide Building Society oust Fidelity from the top of PressWatch&#39s media coverage charts last month.

PressWatch Financial Products, which monitors UK national media coverage on a monthly basis, says the end of the Isa season saw Fidelity slip to the ninth most mentioned financial company in the press, which became dominated by mortgage and pension providers.

PWFP says the cutting of interest rates and the subsequent mortgage rate cuts to the lowest level since 1965 was well received and gave a massive boost to mortgage providers&#39 media coverage.

It also helped IFA David Hollingsworth become the most quoted pundit and his firm, London & Country Mort-gages, emerged as the most quoted IFA.

PWFP says the announcement that all Nationwide mortgage products would come with a Catmark and without an indemnity guarantee charge proved popular in the press, sustained by news that the mutual had thwarted another conversion vote at its AGM.

Halifax reached second spot with coverage of its cash Isa sales towards the end of the season and its competitive interest rates.

Despite the hype around mortgages, the biggest sector coverage increase in April was for pensions, which PWFP puts down to stakeholder gaining momentum.

PWFP says IFA Tom McPhail of Torquil Clark has been particularly vociferous on this issue, quoted as saying unless an individual can afford £50 a month, stakeholder is not worth bothering with.

PWFP says: “The end of the Isa season has seen the large fund management houses take a back seat to the mortgage and pension providers which have monopolised the press coverage in April.”


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