Nationwide for Intermediaries (NFI) needs to make a quick decision as to where their real loyalty and commitment lies.
With a raft of further lenders, and most notably, NatWest, confirming their intention to pay on retention business, Nationwide now look rather conspicuous as a major player standing alone.
The question is really quite simple: does Nationwide value the service that intermediaries can provide in recommending a retention product? If it does then a procuration fee would seem appropriate reward.
If it does not then a clear statement as to why not would be helpful in understanding the brand's stance going forward.
Everyone knows that Nationwide provides a great mortgage proposition with generous criteria, good rates and flexibility but by ring-fencing customers from intermediaries at review time there is an air of greed and mistrust displayed by the lender.
Time to eat humble pie Mr Nationwide - and soon. If you do not, I fear you may well lose the bulk of your intermediary business.
Nick Walker
Partner
Focus
Oxford
