Questions and Answers
Q. If my customer has closed their Portman mortgage account prior to the merger and now wants to non-simultaneously port their product, can they do this?
A. Yes. Portman did not generally allow non-simultaneous porting. But as Nationwide does, post merger Portman mortgage holders will be able to use this facility.
Nationwide will refund the Early Repayment Charge (ERC), provided the new loan completes, using the balance and terms of the portable product, within 6 months of redeeming the old mortgage account. This policy applies to all ex-Portman customers regardless of whether they redeemed their mortgage before or after the merger date.
Please note that where the account was closed whilst on the ex-Portman system, provided the product end date had not been reached prior to the merger, the customer will be able to port their product but only until the original product end date.
For example:
- 2 year fixed rate ending 1 December 2007 (product opened Dec 2005)
- mortgage completed 1 February 2006 with 22 months of the deal period remaining
- redeemed on 1 August 2007 leaving three months of the deal period remaining
- Nationwide mortgage completes on 1 October 2007, one month of the deal period remains
Q. Where do I send non-simultaneous portable applications?
A. These applications will be dealt with by the Exceptions Team in Northampton 1, New Business Service Centre.
Q. My client has a Portman mortgage and their deal is coming to an end and would like to switch to a Nationwide product. Is this treated as a remortgage or a switcher?
A. This application would be treated as a switcher. However we do not offer an Intermediary switcher process, so the customer would need to go direct to Nationwide to change their product.
Q. My client has a Portman mortgage and would like to switch at the end of the deal term, but is currently outside Nationwide's affordability- is there any flexibility that can be applied?
A. YES. If the customer only wants to change their product and keep the same loan amount, provided they have a good payment record, it would be treated as a Nationwide switcher and the affordability will not be re-assessed. If the customer wishes to increase their borrowing then this would be need a full assessment during a Nationwide interview.
Q. Will you be keeping all 4 brands?
A. NO. The 'Portman' brand will cease to exist after 28/8/2007. However, we will be keeping Nationwide, UCB Homeloans (UCBHL) and The Mortgage Works (TMW) brands as part of the 'Nationwide Group', although they will continue to trade as individual brands.
Q. What are the differences between Nationwide, UCBHL and TMW?
A. Each of these brands offers different types of loans for different types of borrowers. For in-depth details please visit their websites:
For UCBHL go to: www.ucbhomeloans.co.uk
For TMW go to: www.themortgageworks.co.uk/content/home/
Q. Why will I have to see 3 representatives of the 'Group' when one could deliver all information and be much more efficient for you and for me?
A. The brands are very separate and distinct and will trade as independent operations.
Q. Can I talk to my UCBHL rep about Nationwide or TMW?
A. Of course, your UCB Homeloans BDM will help point you in the right direction to discuss business with a Nationwide or TMW relationship manager.
Q. Will ex-Portman mortgages go onto Daily interest?
A. Initially, the interest calculations will be as they were quoted on the offer for that mortgage until the deal term expires or they switch or port their loan at which time they will come over to Nationwide's systems which will mean they get daily interest.
Q. Will Portman mortgages continue to allow 5% & 10% overpayments?
A. Yes. A former Portman mortgage will remain subject to it's existing terms and conditions, including overpayments limits.
Q. Will Nationwide now offer a % overpayment facility?
A. No sorry not at this time.
Q. If a Portman mortgage has not completed can they switch onto a current Nationwide product?
A. If an applicant wants to change to a Nationwide product after they have received a Portman offer, they would have to cancel the existing application and start the process again, be given a new KFI, complete a new Nationwide application, pay all fees again etc.
If a Portman mortgage is offered prior to the 28 August 07 it will complete on the Portman rate selected unless the customer chooses to start a brand new application, including new fees.
If the Portman offer is not issued prior to this date, then the Intermediary will be asked to complete a Material Change form and a Nationwide Declaration and they will need to choose a new Nationwide product and pay the reservation fee where applicable.
Q. Will Nationwide now offer 100% shared ownership like the Portman do?
A. No sorry not at this time.
Q. Portman's LTV limits are more generous than Nationwide. Will you still apply Portman's LTV limits?
A. All mortgage lending will be subject to Nationwide's LTV limits and lending criteria.
Q. Will a client with a Portman mortgage be able to port their product if moving home?
A. Yes, to find out how to do this refer to our guide.
Q. Will the merger change the Nationwide intermediary proposition?
A. The merger has created an opportunity for Nationwide to review its intermediary strategy and this will be communicated in due course.
Q. Where will my business be processed?
A. Please use the following links for information:
Q. What will the Nationwide mortgage product range look like after the merger?
A. We will continue to offer the same simple products range with the flexible features and competitive rates that you have come to expect from Nationwide.
Q. Will customers with Portman mortgages be able to port them to a Nationwide mortgage without paying an early repayment charge?
A. Ex-Portman mortgage account holders will be able to port their product to a new property if they move and will not pay an early repayment charge if they are keeping the same product on the same terms. However, if they want to change their product before their current one ends, they would have to pay the Agreed early repayment charge, in the same way as Nationwide customers would.
Q. What procuration fees will I earn now and will Nationwide pay the same fees I could get from Portman if they were higher?
A. You will receive the procuration fees agreed by Nationwide, not Portman as these will cease to exist.
Q. If I have a general query about an ex-Portman mortgage who do I contact?
A. Telephone Nationwide on 0845 60 90 600
Q. Are Portman mortgages still available?
A. No
Q. Who deals with procuration fee queries?
A. For Nationwide cases – please complete the Procuration fee enquiry form
For Ex-Portman mortgages please telephone 0845 60 10 763.
Q. When does Nationwide membership start for Portman customers?
A. An ex-Portman customer will be treated as having been a member of Nationwide from the date their membership started with Portman (or Lambeth Building Society or Staffordshire Building Society).
Q. Do Ex-Portman customers receive the same £100 reservation fee discount on a mortgage product as Nationwide exiting customers?
A. YES, following the merger of Portman and Nationwide, all Portman mortgage account holders will be treated as existing Nationwide members.
Q. Which lending policy will apply?
A. From 28/08/07 the Portman brand will cease to exist so the lending policy of Nationwide, UCBHL or TMW will apply as appropriate.
Q. Do Portman brokers need to register with Nationwide?
A. If they have not used Nationwide before and are therefore not registered with them then they will need to do so. You can now register online with Nationwide and be ready to trade with us within a couple of hours.
