The failure of the government and the industry to implement the recommendations set out in the Miles Report is costing UK consumers around £1bn a year, according to Nationwide.
The building society says mortgage lenders have so far failed to take on board Professor David Miles’ proposals issued in March this year, suggesting they should make their full range of products available to all borrowers.
The government has also "failed" by not responding with any details on how it intends to take forward Miles' recommendations, Nationwide says.
This is costing the UK consumer around £1bn a year, the building society adds.
Stuart Bernau, Nationwide’s executive director, says: "With interest rates continuing to rise, it is even more important for mortgage borrowers, especially those who have been loyal to their existing lender, to receive fair value. If not, they should remortgage to a lender like Nationwide, which is transparent and fair in its pricing structure."
"We call on other lenders to follow our lead and make their full range of mortgages available to all. This means accepting both the spirit and letter of what Professor Miles said in his final report,” he concludes.IFAonline
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