View more on these topics

Nationwide delays SVR rise for ex-BoI borrowers

Some 14,000 former Bank of Ireland customers who transferred to Nationwide last year have been given a lifeline after the mutual failed to hike its SVR from 2.99 per cent to 4.79 per cent in March as was widely expected.

In October 2011 BoI sold a £1.1bn mortgage book to Nationwide.

A month later Money Marketing’s sister publication Mortgage Strategy revealed that borrowers transferring from BoI to The Mortgage Works as part of the loan book sell-off were facing an almost 2 per cent rate hike.

When Nationwide announced the hike it said the lower rate would remain until March 2012, at which point it was expected to write to clients alerting them to the increase.

But a Nationwide spokeswoman says: “We reserve the right to increase the SVR, but the concession remains in place until further notice. We will write to clients when it is removed.”

The lender never confirmed whether the rate hike would happen in one go or in stages, but it is believed it has not yet written to customers to alert them of an imminent rise.

Trinity Financial Group head of communications Aaron Strutt says: “News of the hike did not go down particularly well with customers and caused some negative press.

“Seeing as it told customers that their repayments are going to increase, it’s strange that it would change its mind.”

He adds: “I would expect it to still raise the rate, but at a later date.”

London & Country mortgage specialist David Hollingworth says: “I expect a rate rise will still be on agenda but the delay may be down to Nationwide working out how best to implement it.”


Warren Buffett diagnosed with cancer

Veteran billionaire investor Warren Buffett says he will continue with his daily routine depite having been diagnosed with stage one prostate cancer. In a letter to Berkshire Hathaway investors, Buffett described the condition as “not remotely life-threatening or debilitating”. Tests have shown no traces of cancer elsewhere in his body. Buffett says a two-month treatment […]

Abbey to launch new first-time buyer deals

Abbey for Intermediaries is launching two new first-time buyer mortgages on Friday. It is offering a two-year fixed rate up to 90 per cent LTV at 5.99 per cent with an upfront £99 fee. As well as a three-year fixed rate up to 85 per cent LTV at 4.99 per cent with a £99 fee. […]


Platforms protest at FSA rules on fund information

Transact, Ascentric and Cofunds have hit out at new FSA rules that require platforms to send detailed fund information to advised investors, insisting it is up to IFAs to provide clients with any relevant information. In its policy statement, published in August, the regulator stipulated that from January 1, 2013 platforms will be required to […]

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm