Changes to Nationwide Mortgage Pricing from 1 January 2008 and Lending Criteria Change - Coach House Flats from 15 January 2008

Nationwide Pricing Changes

  • from 1 January 2008, we will be reducing our Base Mortgage Rate (BMR) by 0.25% to 6.99%
  • our tracker products will also be reduced by 0.25% as a result of the Bank of England rate reduction
  • all fixed rates remain unchanged

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 Opt A - £499 5.85% 6.25%
2 Yr Fixed Opt B - £999 5.72% 6.12%
2 Yr Fixed Opt C* - £1,499 5.68% 6.08%
3 Yr Fixed - £499 5.85% 6.25%
5 Yr Fixed - £499 5.63% 6.03%
10 Yr Fixed - £499 5.68% 6.08%
25 Yr Fixed - £599 5.98% 6.38%
2 Yr Tracker Opt A New 1 Jan £599 5.58% 5.98%
2 Yr Tracker Opt B* New 1 Jan £1,499 5.48% 5.88%
Without a reservation fee
2 Yr Fixed - N/A 6.25% 6.65%
2 Yr Tracker New 1 Jan N/A 5.98% 6.38%
Lifetime Tracker New 1 Jan N/A 5.74% 6.14%
   
BMR New 1 Jan N/A 6.99%

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 Opt A - £499 6.08% 6.48%
2 Yr Fixed Opt B - £999 5.88% 6.28%
2 Yr Fixed Opt C* - £1,999 5.68% 6.08%
3 Yr Fixed - £499 6.08% 6.48%
5 Yr Fixed - £499 5.63% 6.03%
10 Yr Fixed - £499 5.68% 6.08%
25 Yr Fixed - £599 5.98% 6.38%
2 Yr Tracker Opt A New 1 Jan £599 5.73% 6.13%
2 Yr Tracker Opt B* New 1 Jan £1,499 5.58% 5.98%
Without a reservation fee (no fee remort.)
2 Yr Fixed - N/A 6.48% 6.88%
2 Yr Tracker New 1 Jan N/A 6.13% 6.53%
Lifetime Tracker New 1 Jan N/A 5.84% 6.24%
   
BMR New 1 Jan 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).

A £25,000 minimum advance limit applies to all 2 year no fee products.

Key Dates - to reserve tracker products

Deadline for receipt of applications/reserving existing tracker rates that are changing is 5pm on 31 December 2007, new products available 1 January 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 31 December 2007
  • 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 31 December 2007

Paper Process

  • it is also possible for you to deliver paper applications direct to a Nationwide branch or Service Centre before 5pm on the 31 December 2007 - 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

Lending Criteria Change - Coach House Flats

  • from 15 January 2008 coach house flats will be acceptable subject to a satisfactory valuation. A coach house flat is a freehold flat which is the only flat in the block and is built above garages and/or an access way

For intermediary use only