How much can my client borrow?

At Nationwide we calculate the amount we will lend based on affordability rather than income multiples. Our calculations will take a number of variables into account such as: salary, outstanding debts and credit card balances.

Affordability calculator

This will allow you to check how much we might lend your client without having to undertake a full Decision in Principle which will involve credit scoring your client.

As a responsible lender, Nationwide will require details of how applicants intend to continue to meet repayments should the chosen mortgage term take them into retirement.

The maximum term that Nationwide will lend to is 40 years.

New borrowers will not be allowed to borrow beyond the eldest applicant's 75th birthday. For cases with more than 2 applicants, this rule will apply to the 1st and 2nd applicants.

Existing Nationwide borrowers whose current mortgage term extends beyond the eldest applicant's 75th birthday (including those who are already 75 or above) can take out a new mortgage over the term remaining on their current loan, subject to satisfying all other lending criteria.

1) Existing Nationwide borrowers already aged 75 or over may apply for a new loan over the remainder of their current mortgage term providing:

  • They do not increase the term(s) beyond the current remaining term(s).
  • They do not take any further borrowing.
  • If the customer reduces the loan size any Early Repayment Charges (ERCs) will be applicable.
  • They continue to meet our standard status requirements and comply with our lending criteria.

2) Existing Nationwide borrowers currently under the age of 75, whose term extends beyond their 75th birthday, may apply for a new loan over the remainder of their current mortgage term providing:

  • They do not increase the term(s) beyond the current remaining term(s).
  • Any further borrowing requested must be repaid before the eldest applicant's 75th birthday. Therefore a separate twin account would be required on a different term.
  • If the customer reduces the loan size any ERCs will be applicable.
  • They continue to meet our standard status requirements and comply with our lending criteria.

Subsequent Additional Borrowing

For existing Nationwide borrowers under the age of 75 whose term extends beyond their 75th birthday, any subsequent additional borrowing (further advance) term cannot extend beyond the eldest applicant's 75th birthday.

Example:

Subsequent additional borrowing for a 55 year old existing Nationwide borrower with a mortgage term that ends when they are 85 can be for a maximum 20 year term.