there does some to be some confusion, some people reading other blogs on this subject seem to think this is just affecting 'buy to let mortgages' Let me be clear these are all HOMEOWNER mortgages that nationwide have put into their 'buy to let' arm of the business i.e 'the mortgage works' as they offer the highest SVRs. The governement certainly need to crack down on practices like this. I believe this move will see thousands of hard working families homeless, these are people who can afford to pay their mortgages at the current BOI SVR or be even better off with the nationwide SVR but the greedy banks have just doubled their interest rates with the click of a finger. I ask all people reading this to imagine they are on a standard variable rate and their lender sends a letter to say it being doubled ? you would be devasted? surely they cant do this you would ask? well the answer is they can and they will. Only government can stop this disgusting corrupt banking industry.

This to me STINKS. 14,000 peoples mortgages have been handed over to 'the mortgage works' which is part of the nationwide. Its actually the buy to let arm of nationwide. So these customers who were on SVR of 2.99% are now told they are being moved to 4.79% in March 2012. This despite their being numerous letters saying their will be no changes to the terms and conditions. They get around this as the terms state the mortgage can be sold to another bank who can change the interest rates. Why havent they automatically put the BOI customers onto the nationwide SVR od 2.5% ? or kept them at 2.99% ? i'll tell you why, it's not profitable enough for them. They know that people wont be able to pay effectiviely double what they were paying and will move to one of their fixed rate deals which are still higher than the BOI SVR. Natiowide have a lot to answer for, a lot of these 14,000 will not for criteria to take out a new mortgage as things have really tightened up regarding new mortgage lending. Many families will now face either paying nearly double the mortgage they were used to paying or face repossesion putting people who can currently afford their mortgages onto the council list. It stinks to high heaven. I urge all BOI customers to contact their local MP's to get this brought up in the commons so these greedy bankers can be stopped. The banks got this country in the state it is and now they are technically robbing people (albeit within the law) to get money back. The law needs changing! God forbid the impact this decision by Nationwide could have on somebody feeling vulnerable and finding things a struggle, its enough to send anyone over the edge.