Product news

• The Mortgage Works calls on Government to introduce four measures to build a stronger private rental sector

• Households aim to make money go further by shopping at discount stores, such as B&M, Poundland & Temu
• Nationwide’s Spending Report shows Brits spent £7.5bn in January – three per cent increase on last year
• Renters face biggest hike as rent payments rise 28% year on year, while mortgage repayments up by 11%
• Despite rising essential costs, spend up on non-essentials, from subscriptions to holidays and health & beauty
• Nationwide, which operates a cost-of-living helpline (0800 030 4066) urges anyone struggling or worried to contact their financial service provider to help them get back on track

• Romance scams with male victims rose 40% between 2022 and 2023, according to Nationwide’s customer data
• However, women are likely to lose more to love scams: average loss of £10,610 versus £8,181 for men in 2023
• 20% of romance scam cases reported by men in 2023 involved victims aged 20-30 years old
• Nationwide’s Scam Checker Service enables customers to check and protect a payment first

From today (9 February 2024), Nationwide is launching a new issue of its Flex Regular Saver paying a highly competitive 6.5% AER/gross p.a. for 12 months¹.

Nationwide and The Mortgage Works (TMW) are today launching a new service that enables brokers to highlight when a new or existing mortgage customer or landlord has additional support needs.

From Tuesday 30 January, The Mortgage Works will be reducing rates on selected switcher mortgage products by up to 0.20 percentage points, with rates starting from 3.84%.

Effective from tomorrow, Wednesday 24 January, Nationwide Building Society will be reducing selected rates by up to 0.81 percentage points and introducing a new range of fixed and tracker rate products with a £1,499 fee. These changes mean Nationwide’s rates start at 3.84% - its lowest level in eight months.

On Saturday 20 January, The Mortgage Works (TMW) is reducing rates on products for new customers by up to 0.15 percentage points, with rates starting from 3.54%.

On Wednesday 17 January, The Mortgage Works (TMW) is reducing rates on products for new and existing customers by up to 1.20 percentage points, with rates starting from 3.69%.

Nationwide Building Society is today (12 January 2024) launching new issues of its Fixed Rate Online Bonds, Fixed Rate Branch Bonds and Fixed Rate ISAs. 

• Cash usage rises for second year in a row with 31.4 million withdrawals made from Nationwide ATMs last year
• Competitor branch closures see average ATM usage increase 55% in towns where Nationwide is last branch in town
• Nationwide ATMs in Twickenham, Redruth and Purley see respective rises in withdrawals of 154%, 144% and 92%
• ATMs not just for withdrawals as nearly half of transactions for services such as mini-statements or paying bills

 Nationwide Building Society withdrew its market-leading switching incentive at 0.01am on 22 December.