Banking and Finance
The Nationwide building society has seen a dramatic
fall in the amount of mortgage lending since it decided to stop
offering discounted deals (why do you think that is then?).
Earlier this year they re-priced mortgages, scrapping
the cheap introductory offers that meant reduced interest rates
for the first years, in order to cut the charges for all its mortgage
customers.
The money has, of course, got to come from somewhere
and this meant that existing customers had to subsidise the extra
cost.
Nationwide commented, "We refuse to price unfairly
- it's as simple as that. We're quite prepared to forgo market share
for the sake of fairness."
Fair enough!
