Nationwide Building Society is to begin contacting introduced mortgage customers who are reaching the end of their term, informing them of their options for switching to a new product, including using intermediaries.
In the 12 week ‘maturity’ letters, the lender intends to remind borrowers who initially used a broker that they can go direct to the lender or via a broker if they choose to move their mortgage to one of Nationwide’s switcher products.
This brings Nationwide’s approach inline with those of its buy-to-let arm, The Mortgage Works.
Nationwide director of intermediary relationships says: “We wanted to make it clear to our members that they have a number of options when it comes to the channel they choose, should they decide to switch to another Nationwide product at maturity. As a result, from March our future 12 week mailings will be changed to reflect this.
“This positive change is one of a number we have delivered recently, including reducing the time to process procuration fees and streamlining application processes, which further demonstrate our ongoing commitment to the intermediary community.”
Will they be bringing back the additional cashback they only used to offer borrowers if they went to them directly for a product switch instead of using a broker?? #LongMemory
So, I presume the sentence wording of this letter will be “direct to the lender or via a broker “, as opposed to “via your broker, or if you prefer, direct to the lender”? Of course it will!