Nationwide drawn into rate switch debate

A broker contacted IFA Online to reveal his client - who opted for a five-year fixed rate with the lender - attempted to change his deal to a tracker rate which had a £995 fee, but was told he could not switch unless a £1,999 product fee was paid first. The news follows criticism earlier this week over Abbey's decision to implement a £199 fee for customers who wish to switch to another product. Commenting on Nationwide's policy, Darren Cohen, mortgage planner at broker LRG, says the product switching fees were currently a hot topic for debate among brokers. He adds: "It depends very muc...