Nationwide has changed its switcher cancellation policy to help customers cancel and reserve another product.
From today, rate switch applications can be cancelled on or before the 20th of the month before it is due to start or the next working day if the 20th is a non-working day.
As an example, for a rate switch submitted today due to start on 1 August, this can be cancelled on 20 July.
“This update will help your clients to cancel and reserve another product in time for the next month,” the lender said.
A Nationwide spokesperson said: “If an applicant wants to cancel a rate switch submitted from today, 26 June, they must do so on or before the 20th of the month before the switch is due to take effect, or the next working day where the 20th is a non-working day.
“Previously borrowers could cancel up until the day before, but this meant some borrowers were inadvertently moving to our Standard Mortgage Rate because there was insufficient time for them to reserve a new product.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
