If your looking of a mortgage the the loan sharking nationwide variable interest rates at more than 4.69% are just that loan sharking..
The government should shut down lenders like this unless they reduce the variable rate to 3% and under.
If they don’t then some form of direct action is needed if you have a mortgage like this with nationwide and we all stop paying for a few months they will go bankrupt…
With the government concerned about a dose of deflation, yet they seem gutless to get control of rip of lenders like the nationwide which are part of the cause of this coming deflation…
TO be able to spend more in the economy mortgage payers have have the rates reduced, so we have more in our pocket to spend simple really…
Economists expect the Retail Prices Index (RPI), which includes housing costs, to have declined for the first time in 49 years.
If so, it will raise fears the UK is facing a damaging bout of deflation.
What is a loan shark?
A loan shark is an unlicensed moneylender. Licensed moneylenders are regulated by the Office of Fair Trading (OFT) and must follow the OFT’s codes of practice.
Which the Nationwide is avoiding….
Because they’re not licensed, loan sharks operate outside the law. If you borrow from them it’s likely you’ll:
get a loan on very bad terms
pay an extortionate rate of interest
be harassed if you get behind with your repayments
This just about sums up all lender charging over 4.69%..
If Gordon Brown wants, the public to spend more in the economy then these Mortgage rates [UCB is part of NATIONWIDE] that are at least 2% too expensive, have to be forced down by the Government.
The more complaints the government receive and this includes your Mp who after all are elected by us the Plebeians, then the faster things will be changed..
This is from the UCB website:
http://www.ucbhomeloans.co.uk/existingcustomers/cc1_typesmortgages.html
Variable rate mortgages
Once a Fixed or Tracker rate period comes to an end, the rate of interest you pay on your loan usually changes to the lender’s standard variable rate for that product.
The interest rate you pay on a variable rate mortgage will go up and down over the lifetime of your mortgage – roughly in line with interest rates in the economy.
Its repulsive and deceptive to say the 4.79% is roughly in-line with interest rates…</
Having a variable rate means paying a fair market price for the money you borrow – and you won’t be tied into early repayment terms and conditions.
Nationwide building society has now closed it rip off UCB home loans, but now starts again with the Mortgage works.
Those with UCB variable rate mortgages should immediately cancel their direct debits and refuse to pay until the rate drops by half.
Current the Rip off Nationwide variable rate is 4.79%
Nationwide said that as market conditions had continued to deteriorate, it made sound business sense to persist with just one specialist lending brand, and has closed UCB home loans, and gone with The Mortgage Works.
Why not add your voice, and comment on the articles regarding the outrageous interest rates charged by Nationwide building society and its UCB home loans arm.
