Nationwide LTV tier changes
With effect from 22 February, we will be making the following changes to our mortgage products:
- NEW tier for 0-75% LTV
- NEW tier for 75-90% LTV
- withdrawal of high fee 2 year fixed (Option C) and 2 year tracker (Option B) products for 90-95% LTV loans
New product and rate details are shown in the tables below.
Our products continue to offer great value to your clients, plus:
- a dedicated case manager is assigned to each of your cases
- our application tracking service enables you to view the progress of your client's application, with the option to receive e-mail and/or SMS updates
- e trading website is easy to use and has great features that save you time
New Product Range
House Purchase
| Product | Effective from | Res. fee - new business | Max 75% LTV | Max 90% LTV | Max 95% LTV |
|---|---|---|---|---|---|
| With a reservation fee | |||||
| 2 Yr Fixed Option A | 22 Feb | £499 | 5.85% | 6.05% | 6.45% |
| 2 Yr Fixed Option B | 22 Feb | £999 | 5.72% | 5.92% | 6.32% |
| 2 Yr Fixed Option C* | 22 Feb | £1,499 | 5.68% | 5.88% | N/A |
| 3 Yr Fixed | 22 Feb | £499 | 5.85% | 6.05% | 6.45% |
| 5 Yr Fixed | 22 Feb | £499 | 5.63% | 5.83% | 6.23% |
| 10 Yr Fixed | 22 Feb | £499 | 5.68% | 5.88% | 6.28% |
| 25 Yr Fixed | 22 Feb | £599 | 5.98% | 6.18% | 6.58% |
| 2 Yr Tracker Option A | 22 Feb | £599 | 5.83% | 6.03% | 6.43% |
| 2 Yr Tracker Option B* | 22 Feb | £1,499 | 5.73% | 5.93% | N/A |
| Without a reservation fee (no fee remort.) | |||||
| 2 Yr Fixed | 22 Feb | N/A | 6.25% | 6.45% | 6.85% |
| 2 Yr Tracker | 22 Feb | N/A | 6.23% | 6.43% | 6.83% |
| Lifetime Tracker | 22 Feb | N/A | 6.08% | 6.28% | 6.68% |
| BMR | - | N/A | 6.99% | ||
*These products all have a maximum total loan cap of £500k (if the total loan amount exceeds £500k then these products cannot be reserved. In addition, it is not possible to exceed this limit by applying for split products e.g. application for £600k split as £500k new 2 yr fixed C and £100k 10yr fixed).
Non-House Purchase (Remortgage/deal switchers/additional borrowing)
| Product | Effective from | Res. fee - new business | Max 75% LTV | Max 90% LTV | Max 95% LTV |
|---|---|---|---|---|---|
| With a reservation fee | |||||
| 2 Yr Fixed Option A | 22 Feb | £499 | 6.08% | 6.28% | 6.68% |
| 2 Yr Fixed Option B | 22 Feb | £999 | 5.88% | 6.08% | 6.48% |
| 2 Yr Fixed Option C* | 22 Feb | £1,999 | 5.68% | 5.88% | N/A |
| 3 Yr Fixed | 22 Feb | £499 | 6.08% | 6.28% | 6.68% |
| 5 Yr Fixed | 22 Feb | £499 | 5.63% | 5.83% | 6.23% |
| 10 Yr Fixed | 22 Feb | £499 | 5.68% | 5.88% | 6.28% |
| 25 Yr Fixed | 22 Feb | £599 | 5.98% | 6.18% | 6.58% |
| 2 Yr Tracker Option A | 22 Feb | £599 | 5.93% | 6.13% | 6.53% |
| 2 Yr Tracker Option B* | 22 Feb | £1,499 | 5.78% | 5.98% | N/A |
| Without a reservation fee (no fee remort.) | |||||
| 2 Yr Fixed | 22 Feb | N/A | 6.48% | 6.68% | 7.08% |
| 2 Yr Tracker | 22 Feb | N/A | 6.38% | 6.58% | 6.98% |
| Lifetime Tracker | 22 Feb | N/A | 6.18% | 6.38% | 6.78% |
| BMR | - | N/A | 6.99% | ||
*These products all have a maximum total loan cap of £500k (if the total loan amount exceeds £500k then these products cannot be reserved. In addition, it is not possible to exceed this limit by applying for split products e.g. application for £600k split as £500k new 2 yr fixed C and £100k 10yr fixed).
Key Dates - to reserve fixed and tracker products
Deadline for receipt of applications/reserving existing fixed and tracker rates that are changing is 5pm 21 February 2008, new products available 22 February 2008. Remember, products can be reserved online through our e trading website or via MTE (Mortgage Trading Exchange).
Current lending criteria, terms and conditions continue to apply to applications already in the pipeline. New criteria does not apply to products reserved before 5pm 21 February.
Please follow the existing LTV process for all products which are in the pipeline after the LTV changes on the 22 February. For any applications that have changes made, for example down value, revised purchase prices etc, if the changes affect the LTV tier then new products will be required at the new LTV band.
Electronic Process
All you need to do is:
- create a new case on our Intermediary e trading website, obtain an 'Accept' DIP and continue to reserve your product paying any fees by credit/debit card before 5pm on 21 February 2008
- on MTE submit a DIP, obtain an 'Accept' decision, complete and submit a full application paying all relevant fees by credit/debit card before 5pm on 21 February 2008
Paper Process
- it is also possible for you to deliver paper applications direct to a Nationwide branch or Service Centre before 5pm on the 21 February 2008 - please ensure that all relevant fees and documentation are included with the application to pay the reservation fee if applicable
- products without a reservation fee will be reserved once the application form, clearly indicating that a 'no fee' product has been chosen, has been received
- products with a reservation fee will be reserved once the application form and the non refundable reservation fee have been received
- products where the reservation fee has been added to loan will be reserved once the application form, clearly indicating that the fee should be added to the loan, has been received
IMPORTANT - Sale of Nationwide Investment Group to Legal and General, please note:
On Thursday 31st January, Nationwide finalised the sale of Nationwide Investment Group (NIG) to Legal & General. As a result, much of our literature containing Nationwide's Status Disclosure has been updated, and more recently a large number of documents have had the data protection wording amended.
Please could you ensure that any Nationwide forms and guides that you hold, that were printed before the 1st February 2008, are destroyed and that these are replaced by printing or ordering new stock from: www.nationwide.co.uk/intermediaries/stock/default.htm
For intermediary use only
