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Nationwide in shift on discounts

Nationwide will do a U-turn on its pledge not to reintroduce discount

mortgages if rivals such as Abbey National and Halifax refuse to change

their pricing policies.

The shock admission comes after months of plummeting sales for the UK&#39s

biggest building society following its decision in February to drop

cut-price loans.

Nationwide has previously dismissed suggestions by IFAs it would have to

revise its pricing policy within six months.

The society now admits if Abbey and Halifax do not drop short-term cheap

deals, it will be forced to go back to the old pricing system – including

discount loans.

Abbey, which claims Nationwide has “misunderstood the market”, says it has

no intention of doing so, while Halifax says it has “no plans at all” to

withdraw discounts.

A Nationwide spokesman says: “The whole situation cannot continue if banks

like Abbey and Halifax continue to offer cut-price deals. In the long term,

it is true we would have to go back to the old pricing system.”



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