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Nationwide in £90m mortgage payout

Nationwide Building Society is paying out £90 million to 400,000 mortgage customers following its decision to extend the Financial Ombudsman Service&#39s ruling in favour of one borrower to all others in similar circumstances.

Last month the Ombudsman found in favour of the borrower on a discount mortgage linked to the Nationwide&#39s standard variable rate of 5.24 per cent who wanted their discount on its base mortgage rate of 4.74 per cent.

Although the Ombudsman can only apply its decisions to individual cases Nationwide has now decided the fairest strategy is to move all special deal customers to its BMR from its SVR and backdate the redress to March 1 2001.

It is completely withdrawing its SVR and will operate a single BMR of 4.74 per cent.


Inside edge: Equitable Life

You may have read of the High Court&#39s approval of our enormously important compromise scheme following overwhelming support from your fellow policyholders. The High Court refused permission to appeal, although it is possible that permission to appeal may be sought in the Court of Appeal. As the scheme has been registered at Companies House before […]

Good neighbours can seal a house deal, says the Woolwich

Location is the key factor for first-time buyers when choosing a home, according to a survey by the Woolwich.The second Woolwich First Time Buyers Survey of 100 people around the UK found that location clinches the sale for 39 per cent of buyers.Quiet neighbours are the top attraction for 14 per cent while 40 per […]

The Quay to success

As the managing director of a technology company, you might think I am IT-literate but it was not until I joined the commercial world of technology that I started to appreciate that just because I can find my way around a piece of software, it does not mean I am using it to its fullest […]

Caring for sharing

Transfers are big business and it is a lucrative sector that could be one of the fastest-growing markets this year.Look at the projected figures from the ABI. Personal pension transfer plans could amount to £1.4bn and section 32 plans could total £580m. This equates to £59m initial commission plus £9.9 million fund-based commission.Can you afford […]


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