Both the Daily Mail and Express today looked at Nationwide’s decision to replace its current Base Mortgage Rate with a higher Standard Mortgage Rate, and suggested that other lenders, with the exception perhaps of government-backed institutions, may soon follow.
The Daily Mirror focused on the current trend of borrowers overpaying on their mortgage while interest rates are low, and discussed the fact that many lenders offer flexible features on their products allowing customers to borrow back these overpayments when needed. This is seen as a good alternative to getting a poor rate of return on savings accounts at the moment.
Elsewhere in savings news, the Daily Mail revealed that the FSA has announced an overhaul of the way banks and building societies are run, which could see providers forced to notify savers when their bonus period is due to end. This could be good news for customers looking to switch accounts once their bonus has been paid.
