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Nationwide renews challenge to rivals

Nationwide has renewed its challenge to rival lenders to stop ripping off existing borrowers to subsidise cheap deals for new customers. The society, dismissing claims it has U-turned on the pricing policy it introduced in March, claims its competitors are still relying on the inertia of existing borrowers to finance "uneconomic" deals for newcomers.

Nationwide also claims it is performing better than expected on new and remortgage business since its move to drop discount rate mortgages from its product range. The society has come under fire from IFAs for its strategy, who say its loans are uncompetitive.

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