Nationwide lending criteria changes with effect from 3 July 2008
In Summary
To ensure Nationwide remains in line with competitors and retains its prudent and responsible approach to lending, the following changes will take effect from 3 July 2008:
Maximum Age of 75
- All new mortgages, for new and existing Nationwide borrowers, must not have a repayment term that extends beyond the eldest applicant's 75th birthday.
- The new age limit also applies to any existing borrowers wishing to extend their mortgage term, regardless of whether they want additional borrowing.
- Applications for subsequent additional borrowing must not extend beyond the eldest borrower's 75th birthday.
Fast Track changes
- Applications where one or more of the applicants are self employed will not be Fast Tracked.
- Applications will only be considered for Fast Track up to and including 75% LTV.
All products and rates remain the same
If you have any queries or require further information regarding the above, please contact our central support team on 0845 850 2852 or your usual Service Centre. If you do not know where your New Business Service Centre is, please use our relationship manager and service centre search.
