Nationwide Changes to Fixed and Tracker Rates effective 6 February
With effect from 6 February we will be making the following changes to our mortgage products:-
- 2 Year and Lifetime Tracker Rates have been increased by up to 24bps
- the rate loading on all 90-95% LTV business has been increased from 40bps to 60bps
All other fixed and tracker rates remain unchanged. New product details are in the tables below.
Our products continue to offer great value to your clients
- competitive rates for all borrower types
- no higher lending charge
- ability to switch and fix on any Nationwide tracker products
- overpayments, underpayments and payment holidays are available on all products
New Product Range
House Purchase
| Product | Effective from | Reservation fee - new business | Max 90% LTV | Max 95% LTV | |
|---|---|---|---|---|---|
| With a reservation fee | |||||
| 2 Yr Fixed Option A | New from 6 Feb | £499 | 5.85% | 6.45% | |
| 2 Yr Fixed Option B | New from 6 Feb | £999 | 5.72% | 6.32% | |
| 2 Yr Fixed Option C* | New from 6 Feb | £1,499 | 5.68% | 6.28% | |
| 3 Yr Fixed | New from 6 Feb | £499 | 5.85% | 6.45% | |
| 5 Yr Fixed | New from 6 Feb | £499 | 5.63% | 6.23% | |
| 10 Yr Fixed | New from 6 Feb | £499 | 5.68% | 6.28% | |
| 25 Yr Fixed | New from 6 Feb | £599 | 5.98% | 6.58% | |
| 2 Yr Tracker Option A | New from 6 Feb | £599 | 5.83% | 6.43% | |
| 2 Yr Tracker Option B* | New from 6 Feb | £1,499 | 5.73% | 6.33% | |
| Without a reservation fee | |||||
| 2 Yr Fixed | New from 6 Feb | N/A | 6.25% | 6.85% | |
| 2 Yr Tracker | New from 6 Feb | N/A | 6.23% | 6.83% | |
| Lifetime Tracker | New from 6 Feb | N/A | 6.08% | 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 | Reservation fee - new business | Max 90% LTV | Max 95% LTV | |
|---|---|---|---|---|---|
| With a reservation fee | |||||
| 2 Yr Fixed Option A | New from 6 Feb | £499 | 6.08% | 6.68% | |
| 2 Yr Fixed Option B | New from 6 Feb | £999 | 5.88% | 6.48% | |
| 2 Yr Fixed Option C* | New from 6 Feb | £1,999 | 5.68% | 6.28% | |
| 3 Yr Fixed | New from 6 Feb | £499 | 6.08% | 6.68% | |
| 5 Yr Fixed | New from 6 Feb | £499 | 5.63% | 6.23% | |
| 10 Yr Fixed | New from 6 Feb | £499 | 5.68% | 6.28% | |
| 25 Yr Fixed | New from 6 Feb | £599 | 5.98% | 6.58% | |
| 2 Yr Tracker Option A | New from 6 Feb | £599 | 5.93% | 6.53% | |
| 2 Yr Tracker Option B* | New from 6 Feb | £1,499 | 5.78% | 6.38% | |
| Without a reservation fee (no fee remort.) | |||||
| 2 Yr Fixed | New from 6 Feb | N/A | 6.48% | 7.08% | |
| 2 Yr Tracker | New from 6 Feb | N/A | 6.38% | 6.98% | |
| Lifetime Tracker | New from 6 Feb | N/A | 6.18% | 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).
E Trading Hints and Tips
- forgotten your sign on details? Contact MTE on 0870 887 0055 and they will re-set these for you
- half way through a case and need to do something else? You can save and exit at any time, then go back to continue the case at a later time
- use Nationwide's 'e Services' online trading website or MTE for a penny perfect KFI each time
- ensure all your client data matches first time for a successful KFI on portable products - first name, middle initials, surname, date of birth, correspondence postcode and the account numbers
- once you agree to the Data Protection declaration on our e trading systems, you accept responsibility for the accuracy of the information provided. If information is sent out to the wrong address and/or individual as a result of mistakes in the keying of the application, there could be serious consequences because of breaches to the Data Protection Act
Key Dates - to reserve fixed and tracker products
Deadline for receipt of applications/reserving existing fixed and tracker rates that are changing is 5pm 5 February 2008, new products available 6 February 2008. Remember, products can be reserved online through our e trading website or via MTE (Mortgage Trading Exchange).
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 5 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 5 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 5 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
For intermediary use only
