Nationwide Fixed Rates reduced with effect from 16th May 2008
In summary
To simplify our product range we are making the following changes to our mortgage products with effect from 16th May 2008:
- Reduction in 2 year and 5 year fixed rates
- Reservation fees on all fixed and tracker products will be £599
Don't forget, products can be reserved online through our e trading website or via MTE (Mortgage Trading Exchange) until 5pm 15th May 2008.
Full details of the changes are listed below. All other products and rates remain the same.
Reprice of Fixed Rate Product Range
House Purchase
| Product | Effective from | Res. fee - new business | Max 75% LTV | Max 90% LTV |
|---|---|---|---|---|
| 2 Year Fixed | 16 May 2008 | £599 | 5.95% | 6.15% |
| 2 Year Fixed | 16 May 2008 | No fee | 6.35% | 6.55% |
| 5 Year Fixed | 16 May 2008 | £599 | 5.85% | 6.05% |
Non-House Purchase (Remortgage /additional borrowing)
| Product | Effective from | Res. fee - new business | Max 75% LTV | Max 90% LTV |
|---|---|---|---|---|
| 2 Year Fixed | 16 May 2008 | £599 | 6.15% | 6.35% |
| 2 Year Fixed | 16 May 2008 | No fee | 6.55% | 6.75% |
| 5 Year Fixed | 16 May 2008 | £599 | 5.95% | 6.15% |
Important Exclusions
Some Nationwide mortgage products are only available to customers directly via branches, Nationwide Direct or at www.nationwide.co.uk.
These products are clearly labelled 'Direct' on our Intermediary e trading website. Any application received from an intermediary for one of these products will be returned and the application will be cancelled.
Key Dates - To reserve existing products
Deadline for receipt of applications/reserving existing fixed and tracker rate products that are changing is 5pm 15th May 2008, new products available 16th May 2008. Remember, products can be reserved online through our e trading website or via MTE (Mortgage Trading Exchange).
- 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 15th May 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 15th May 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 15th May 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 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
