UK Money News
28th March 2008
Nationwide at risk of damaging consumer trust
Nationwide's decision to raise rates on its fixed rate and tracker deals could backfire on the company, a price comparison site has warned.
Yesterday, it was announced by Nationwide that it is to increase the repayment rates on its fixed and tracker rate products by up to 0.6 per cent.
The move was taken to cut exposure to risky lending and protect the lender's profit margins, a statement revealed.
However, Nationwide's decision could prove deleterious in the long term, according to Louise Cuming, head of mortgages at moneysupermarket.com, who warned that the move could damage the trust consumers place in the brand.
She said: "Our own research showed that just three months ago, Nationwide was the UK's most trusted financial brand, but this trust may now be damaged.
"I understand it wants to protect its margins in this frosty environment, but this decision might not help Nationwide in the long-term."
Nationwide has also confirmed it is to withdraw some of its most competitive mortgage deals.
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