Nationwide BSFeb 21 2018

Nationwide promotes brokers in mortgage maturity letters

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Nationwide promotes brokers in mortgage maturity letters

Nationwide is to send letters to mortgage customers whose deals are ending outlining their options for arranging a new one.

From 6 March, the building society will start issuing mortgage maturity letters reminding customers introduced by brokers of all of their options.

In letters, sent out 12 weeks before a borrower's deal matures, Nationwide will remind customers they can use a range of channels when switching to a new product, including intermediaries as well as going online or in branch. 

The lender said the move demonstrated its ongoing commitment to intermediaries.

Nationwide stated the move would bring its residential mortgage maturity letters in line with those it issues through its buy-to-let arm The Mortgage Works.

David Hollingworth, director at London & Country, said: "Lenders have increasingly recognised that brokers can play a key role in retaining existing customers as well as bringing them new ones.

"Opening up retention products, enabling brokers to switching a deal for their customer and recognising the work involved in that, is hugely positive for customers."

Ian Andrew, director of intermediary relationships at Nationwide, said: "We wanted to make it clear that members have a number of options when it comes to channels they choose.

"This change is one of a number we have recently delivered including reducing the time to process procuration fees and streamlining application processes."