Changes in the way mortgages are sold mean that Nationwide is now predicting a fairer future for prospective mortgage holders.
Since October lenders have been made to include a Key Facts Illustration (KFI) when presenting a potential customer with a policy, Nationwide believe this will allow consumers to make a far more informed choice between products.
Nationwide executive director, Stuart Bernau commented: “Simply focussing on headline rates does not necessarily give the consumer the true picture of how much a mortgage costs.
"The KFI however, has a lot more information. It details the headline rate, all fees, the total amount payable, the amount payable per pound borrowed and the monthly payments."To read more about switching mortgages, click here.
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