Clients with Additional Properties
Where your client will own more than one mortgaged property on completion of their new loan with Nationwide the maximum LTV is 85%.
Where your client will own only one other property in addition to their new purchase/remortgage through Nationwide, and that property is mortgage free, normal lending terms apply i.e. maximum LTV 90%.
Please ensure you refer to the current product rates as product LTV restrictions apply. Products may not always be available up to maximum LTV lending limits above.
If your client owns more than one property, we require all addresses and mortgage details.
You can treat any let properties as self-financing where the rent received is at least 125% of the current mortgage payments. If any let properties are mortgage free use 75% of the monthly rent received as income. The rent must have been received for a minimum of one month and we will require bank statements to confirm this. Please note a copy of the signed tenancy agreement is also required.
If the property is covered by an accountant's certificate/2 years accounts, no tenancy agreement/bank statements are required and rental income, mortgage payments and mortgage debt for the let properties can be ignored. Use the net profit/director's remuneration or dividends figure as income.
For properties let abroad on a long term basis treat as self financing and no tenancy agreement or bank statements are required.
Note: If the new mortgage will be the customers third or more property in mortgage to Nationwide the application will need to be referred to our Risk Policy Department by your usual Service Centre for approval to proceed.
