Nationwide sees clearer future for mortgage rate comparison

14 December 2004
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."

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