Monday, April 27, 2009
Check your Provider won’t break their Promise before Housebuying!
The UK's biggest building society, the Nationwide, has abandoned a promise to peg its variable rate mortgages to the Bank rate. Existing customers on the Nationwide's variable rate home loan, called BMR, are guaranteed to pay no more than 2% above the Bank rate, currently at 0.5%. But new customers will have no such guarantee when their fixed-rate deal ends and they shift to a variable rate.