Those qualifying for the pay out will be contacted between now and the end of May.
Nationwide Building Society is set to reward millions of its customers with a £100 bonus, as part of this year's Fairer Share initiative.
An estimated 3.4 million people are eligible for the bonus, and Nationwide will be informing them from now until the end of May. Debbie Crosbie, Nationwide's chief executive, said: "Our strong financial performance means we are able to offer more ways for our members to benefit from our success."This is only possible because we are owned by members and all our profits are reinvested for their benefit.
It added that the housing market is still subdued as borrowing costs remain high. Nationwide's finance chief, Chris Rhodes, explained that the mortgage market has dropped by around 27% compared to last year, with buy-to-let lending plummeting by nearly 50%. According to the lender's own forecasts, house prices could decline by 1.1% between December 2023 and December 2024. Meanwhile, the company announced earlier in the year that it plans to buy rival lender Virgin Money in a deal worth about £2.9 billion.
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