As a reward for customer loyalty, the Society will waive the fee for borrowers who redeem their mortgage with less than 10 years to their natural redemption date. All mortgage customers are being given three months notice of the new fee.
Nationwide believe its fee is considerably cheaper than that charged by other high street lenders.
Examples of standard redemption charges:*
Halifax Redemption administration fee £50
Deeds fee £115
Woolwich Redemption administration fee £195
Abbey Redemption administration fee £99
Cheltenham and Gloucester Redemption administration fee £225
Northern Rock Discharge fee £250
Alliance and Leicester Redemption administration fee £295
Source: Moneyfacts, January 2005.
In addition, Nationwide state that its Base Mortgage Rate of 5.99% and other related mortgage fees remain among the lowest in the industry. Nationwide does not levy a higher lending charge (HLC).
