Nationwide variable rate rip off
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.
Nationwide mortgages rip off.. UCB home loans 
THE CASE AGAINST THEM:
Any customer of financial services has a legal right to have what they are letting themselves explained upfront.
At the time of taking out the loan, the customer is told that there is a standard variable rate. The rate is not a tracker but will vary approximately in line with the mortgage market. It is understood by the customer that this is due to the free market pressure that occurs as lenders compete for business. When the BoE cuts its rate, most lenders follow suit or lose customers. That is a KEY FEATURE of ANY standard variable rate. Now that UCB has closed it’s doors to new business, it is no longer having to compete in a free market. THE KEY FEATURE HAS BEEN REMOVED and they can charge what they like! As there was no warning given at the time of the mortgage offer that the standard variable rate could be changed to a rate NOT SUBJECT to free market pressure, the products have been missold.
Perhaps someone reading this could try taking legal action with this argument?