Nationwide has thrown down the gauntlet to its competitors, offering homeowners £100 if they can find a better remortgage deal with their existing lender.
With almost 200,000 fixed rate deals coming to an end this summer, the bank is so confident that it can save borrowers money, it has offered them £100 if they can find a better deal with one of six other high street lenders.
"Don't bank on getting a good deal from your existing lender. Some lenders still save their best deals for brand new borrowers only, whereas Nationwide offers the most competitive range of mortgage deals for both new and existing borrowers," stated Stuart Bernau, director of Nationwide.
"Take the Nationwide Mortgage Challenge and you'll benefit from lower monthly repayments or we'll give you £100 cash. You really can't lose!"
Nationwide claims that UK mortgage borrowers could save a collective £650 million by switching to its base mortgage rate from other lenders' standard variable rate. Click here to find out more about remortgaging.
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