Nationwide Changes to Mortgage Rates effective 28th March 2008
In summary
We are making the following changes to our mortgage products with effect from 28th March 2008.
- withdrawal of selected 2 year tracker and 2 year fixed rate products
- all fixed rate product rates increased by 0.20%
- selected tracker products increased by 0.51% and 0.57%
Don't forget, products can be reserved online through our e trading website or via MTE (Mortgage Trading Exchange) until 5pm 27th March 2008.
Full details of the changes are listed below. All other products and rates remain the same.
We have recently been experiencing large numbers of mortgage applications and with recent competitor changes this is likely to increase. However, as a prudent institution we have to manage our business volumes, and focus continues to be on quality, not market share.
Product Withdrawals
House Purchase
| Product | Withdrawn from | Res. fee - new business | Max 75% LTV | Max 90% LTV | Max 95% LTV |
|---|---|---|---|---|---|
| 2 Year Tracker | 27 March 2008 | No fee | 6.23% | 6.43% | N/A |
| 2 Year Tracker | 27 March 2008 | £1,499 | 5.73% | 5.93% | N/A |
| 2 Year Fixed | 27 March 2008 | £1,499 | 5.58% | 5.78% | N/A |
Non-House Purchase (Remortgage / deal switchers / additional borrowing)
| Product | Withdrawn from | Res. fee - new business | Max 75% LTV | Max 90% LTV | Max 95% LTV |
|---|---|---|---|---|---|
| 2 Year Tracker | 27 March 2008 | No fee | 6.38% | 6.58% | N/A |
| 2 Year Tracker | 27 March 2008 | £1,499 | 5.78% | 5.98% | N/A |
| 2 Year Fixed | 27 March 2008 | £1,999 | 5.58% | 5.78% | N/A |
Reprice of Fixed Rate and Tracker Product Range
House Purchase
| Product | Effective from | Res. fee - new business | Max 75% LTV | Max 90% LTV | Max 95% LTV |
|---|---|---|---|---|---|
| 2 Year Tracker | 28 March 2008 | £599 | 6.40% | 6.60% | 7.00% |
| Lifetime Tracker | 28 March 2008 | No fee | 6.59% | 6.79% | N/A |
| 2 Year Fixed Opt A | 28 March 2008 | £499 | 5.95% | 6.15% | 6.65% |
| 2 Year Fixed Opt B | 28 March 2008 | £999 | 5.82% | 6.02% | 6.52% |
| 2 Year Fixed (no fee) | 28 March 2008 | No fee | 6.35% | 6.55% | 7.05% |
| 3 Year Fixed | 28 March 2008 | £499 | 5.95% | 6.15% | 6.65% |
| 5 Year Fixed | 28 March 2008 | £499 | 5.83% | 6.03% | 6.43% |
| 10 Year Fixed | 28 March 2008 | £499 | 5.88% | 6.08% | 6.48% |
| 25 Year Fixed | 28 March 2008 | £599 | 6.18% | 6.38% | 6.78% |
Non-House Purchase (Remortgage / deal switchers / additional borrowing)
| Product | Effective from | Res. fee - new business | Max 75% LTV | Max 90% LTV | Max 95% LTV |
|---|---|---|---|---|---|
| 2 Year Tracker | 28 March 2008 | £599 | 6.50% | 6.70% | 7.10% |
| Lifetime Tracker | 28 March 2008 | No fee | 6.69% | 6.89% | N/A |
| 2 Year Fixed Opt A | 28 March 2008 | £499 | 6.18% | 6.38% | 6.88% |
| 2 Year Fixed Opt B | 28 March 2008 | £999 | 5.98% | 6.18% | 6.68% |
| 2 Year Fixed (no fee) | 28 March 2008 | No fee | 6.58% | 6.78% | 7.28% |
| 3 Year Fixed | 28 March 2008 | £499 | 6.18% | 6.38% | 6.88% |
| 5 Year Fixed | 28 March 2008 | £499 | 5.83% | 6.03% | 6.43% |
| 10 Year Fixed | 28 March 2008 | £499 | 5.88% | 6.08% | 6.48% |
| 25 Year Fixed | 28 March 2008 | £599 | 6.18% | 6.38% | 6.78% |
Key Dates - to reserve fixed and tracker products
Deadline for receipt of applications/reserving existing fixed and tracker rate products that are changing is 5pm 27th March 2008, new products available 28th March 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 27th 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 27th 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 27th 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
