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Nationwide scraps dual variable rate

Nationwide is scrapping its dual interest rate policy and moving all borrowers to its base mortgage rate after the Financial Ombudsman Service branded the system unfair.

With effect from April 1, Nationwide is withdrawing its higher standard variable rate and switching borrowers with deals linked to the SVR to its base rate, which currently stands at 4.74 per cent.

The SVR was 0.5 per cent higher.

The move follows a recent ruling by the ombudsman that a Nationwide customer with an SVR-linked mortgage should have been allowed access to the base rate.

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