Nationwide Changes to Fixed and Tracker Rates effective 11 March
With effect from 11 March we will be making the following changes to our mortgage products:
- All 2 Year and 3 Year Fixed Rates up to 90% LTV have been decreased by 10bps
- 2 Year and Lifetime Tracker Rates have been increased by 25bps
- Removal of the 90-95% LTV tier on the 2 Year no fee Tracker and Lifetime Tracker
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 tracker 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 | 11 March | £499 | 5.75% | 5.95% | 6.45% |
| 2 Yr Fixed Option B | 11 March | £999 | 5.62% | 5.82% | 6.32% |
| 2 Yr Fixed Option C* | 11 March | £1,499 | 5.58% | 5.78% | N/A |
| 3 Yr Fixed | 11 March | £499 | 5.75% | 5.95% | 6.45% |
| 5 Yr Fixed | £499 | 5.63% | 5.83% | 6.23% | |
| 10 Yr Fixed | £499 | 5.68% | 5.88% | 6.28% | |
| 25 Yr Fixed | £599 | 5.98% | 6.18% | 6.58% | |
| 2 Yr Tracker Option A | 11 March | £599 | 5.83% | 6.03% | 6.43% |
| 2 Yr Tracker Option B* | 11 March | £1,499 | 5.73% | 5.93% | N/A |
| Without a reservation fee (no fee remort.) | |||||
| 2 Yr Fixed | 11 March | N/A | 6.15% | 6.35% | 6.85% |
| 2 Yr Tracker | 11 March | N/A | 6.23% | 6.43% | N/A |
| Lifetime Tracker | 11 March | N/A | 6.08% | 6.28% | N/A |
| BMR | N/A | 6.74% | |||
*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 | 11 March | £499 | 5.98% | 6.18% | 6.68% |
| 2 Yr Fixed Option B | 11 March | £999 | 5.78% | 5.98% | 6.48% |
| 2 Yr Fixed Option C* | 11 March | £1,999 | 5.58% | 5.78% | N/A |
| 3 Yr Fixed | 11 March | £499 | 5.98% | 6.18% | 6.68% |
| 5 Yr Fixed | £499 | 5.63% | 5.83% | 6.23% | |
| 10 Yr Fixed | £499 | 5.68% | 5.88% | 6.28% | |
| 25 Yr Fixed | £599 | 5.98% | 6.18% | 6.58% | |
| 2 Yr Tracker Option A | 11 March | £599 | 5.93% | 6.13% | 6.53% |
| 2 Yr Tracker Option B* | 11 March | £1,499 | 5.78% | 5.98% | N/A |
| Without a reservation fee (no fee remort.) | |||||
| 2 Yr Fixed | 11 March | N/A | 6.38% | 6.58% | 7.08% |
| 2 Yr Tracker | 11 March | N/A | 6.38% | 6.58% | N/A% |
| Lifetime Tracker | 11 March | N/A | 6.18% | 6.38% | N/A |
| BMR | N/A | 6.74% | |||
*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 10 March 2008, new products available 11 March 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 10 March 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 10 March 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 10 March 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
New Build Flats - Valuations
For guidance following updates to Nationwide's criteria on the valuation of new build flats, please visit: http://www.nationwide.co.uk/intermediaries/lending-criteria/n.htm.
