Nationwide Product Changes with effect from 17th June 2008
In summary
We are making the following changes to our mortgage products with effect from 17 June 2008:
- Increase of rates on 2, 5, 10 and 25 year fixed rate products
- Increase of rates on 90% LTV tier of 2 year and lifetime tracker products
Don't forget, products can be reserved online through our e trading website or via MTE (Mortgage Trading Exchange) until 5pm 16 June 2008.
Full details of the changes are listed below.
Reprice of Fixed Rate Product Range
House Purchase
| Product | Effective from | Res. fee - new business | Max 75% LTV | Max 90% LTV |
|---|---|---|---|---|
| 2 Year Fixed | 17 June 2008 | £599 | 6.55% | 6.95% |
| 2 Year Fixed | 17 June 2008 | No fee | 6.95% | 7.35% |
| 5 Year Fixed | 17 June 2008 | £599 | 6.35% | 6.75% |
| 10 Year Fixed | 17 June 2008 | £599 | 6.39% | 6.79% |
| 25 Year Fixed | 17 June 2008 | £599 | 6.53% | 6.93% |
| 2 Year Tracker | 17 June 2008 | £599 | No change | 6.55% |
| Lifetime Tracker | 17 June 2008 | No fee | No change | 6.74% |
Non-House Purchase (Remortgage / Additional borrowing)
| Product | Effective from | Res. fee - new business | Max 75% LTV | Max 90% LTV |
|---|---|---|---|---|
| 2 Year Fixed | 17 June 2008 | £599 | 6.75% | 7.15% |
| 2 Year Fixed | 17 June 2008 | No fee | 7.15% | 7.55% |
| 5 Year Fixed | 17 June 2008 | £599 | 6.45% | 6.85% |
| 10 Year Fixed | 17 June 2008 | £599 | 6.39% | 6.79% |
| 25 Year Fixed | 17 June 2008 | £599 | 6.53% | 6.93% |
| 2 Year Tracker | 17 June 2008 | £599 | No change | 6.65% |
| Lifetime Tracker | 17 June 2008 | No fee | No change | 6.84% |
Key Dates - to reserve Fixed and Tracker Products
The deadline for receipt of applications/reserving existing fixed rate and tracker products that are changing is 5pm 16 June 2008 and new products are available from 17 June 2008. Please remember, products can be reserved online through our e trading website or via MTE (Mortgage Trading Exchange).
- You can 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 16 June 2008.
- On MTE, you can submit a DIP, obtain an 'Accept' decision, complete and submit a full application, paying all relevant fees by credit/debit card before 5pm 16 June 2008.
Important Exclusions - a reminder
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.
Paper Process - a reminder
- Products with no reservation fee will be reserved on receipt of the application form, which must clearly indicate that a 'no fee' product has been chosen.
- Products with a reservation fee will be reserved on receipt of the application form and the reservation fee.
- Products where the reservation fee has been added to loan will be reserved on receipt of the application form, which must clearly indicate that the fee should be added to the loan.
- Please remember that all paper applications should be sent to your usual New Business Service Centre.
