Nationwide loan prices to be personalised

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Nationwide loan prices to be personalised

Fri 5th Dec 2008

Nationwide has announced that it will introduce personalised pricing on its loans.

According to the building society, giving customers an individual quotation based on their personal circumstances will mean that Nationwide's loan pricing system is more open and transparent.

Jeremy Wood, Nationwide's director of consumer finance, said that the decision had been made to reflect the changes to the lending market over the past few years.

He added: "As a prudent lender in the current credit environment it is important that, in pricing personal loans, we are placing a greater emphasis on risk and lending appropriately."

Nationwide announced that customers who had accounts or mortgages with them could now take out loans on which interest rates had been cut from 8.9 per cent, to a typical rate of 7.9 per cent.

Last month Nationwide announced that it would also cut the rates of interest on most of its savings accounts.

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