Just why is your mortgage with Nationwide?

Britains biggest Building Society - Nationwide has stated that it will not pass on interest rate cuts to people with 'Tracker' mortgages even if the Bank of England drops the interest rate again next week! Therefore why trust them with your hard earned cash? We the taxpayers have bailed them out (not that we had any choice mind, nobody asked me for my opinion) so why don't those of you with the Nationwide move your mortgage to show the bunch of Bankers (yeah I know what you're thinking!) exactly what you think of them? They, like other banks stab us in the back just whenever it suits! What happens when the rates increase, are they still going to say were not going to pass it on? It seems to me that if you have an agreement with the Nationwide or any Bank or Building Society that says they will honour the rates within a 'Tracker' mortgage, then they are obliged to do so. If they play up, or won't honour the contract that you have with them, then contact the Financial Ombudsman Service - their website can be found at the following link: www.financial-ombudsman.org.uk (FOS)

The telephone for the FOS number is 0845 080 1800 and the service is FREE! So now look out you Bankers!!

That's the power of POE!!

Nationwide is a building society and not a bank as Ron's post seems to imply. Non-the-less, this report--in part--was in the Telegraph 23. Dec. which  to me, shows partially where tax payers's money is going, rather than stimulating lending again, which I thought was the intention of funds being injected into the banking system------

Christmas is a time for giving - but there should be limits. It has emerged that four major banking firms in London - Goldman Sachs, Morgan Stanley, Merrill Lynch and Dresdner Kleinwort - are handing out bonuses to traders totalling £6.4 billion. In view of the bailout gifted by Gordon Brown, Saviour of the World, to the banks, this means that these pots of gold come straight from the pockets of taxpayers.

What kind of cynical, amoral madness is this? Do these people even know the meaning of the term "bonus"? It is supposed to be a reward for performance above and beyond the call of duty. What kind of performance have traders put in at Goldman Sachs, whose earnings fell by 47 per cent this year? Yet its bonus handouts total £1.73 billion. Morgan Stanley is handing out £2 billion, Merrill Lynch £2.33 billion.

Even so stalwart a member of the banking establishment as Stephen Green, chairman of HSBC, admitted three months ago that bonuses had contributed to the financial crisis. Any normal people, standing amid the ruins of the banking system they had brought down, would have recognised the fat days were over, that they were lucky to be bailed out by the taxpayer and to retain their jobs.

No Paul, I start the post by saying.....Britains biggest Building Society!!

Taxpayers shouldn't be asked to fund this in my opinion, and neither should we get kicked in the a..e when they still don't get it right! The Banks/Building Society's give us NOTHING!

Sue H, if you think I have said anything 'out of order' then please delete the offending post.

Ron's story background can be read here----

http://news.bbc.co.uk/1/hi/business/7807813.stm

the dilemma building societies and banks also now have is savings rates dropping, losing savers, and thus the money being used for people  looking for a mortgage. Mortage rates seem more managable now than what they were in the late 70s, when it was 15%. I do wonder what happens when/if we get to the point when the Bank of England's base rate drops to 0% ?

They have done same here in Oz Ron, and it is just a win win for the banks, with the customer / Taxpayer  paying up as usual.

And no, I don't think your comments are quite strong enough. I could have been far more blunt.

Like you Lyn , I have not had a mortgage for many years.

  http://www.youtube.com/watch?v=njXonaBi_7c