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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.

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