Terms and Conditions for mortgage offers
Detailed below are the terms and conditions applicable for our current range of mortgage offers and deals.
Cashback for existing customers
See condition 5 only
Free standard legal and standard valuation fees
See conditions 3 and 4.
Save to Buy mortgage
See condition 6 only
Flexible mortgage
See conditions 1, 2, 3, 4 and if you are an existing Nationwide mortgage customer, condition 5
Flexclusive cashback mortgage for first time buyers
See conditions 1,2 and 7. If you also hold a Save to Buy savings account and are applying for the Save to Buy mortgage in conjunction with the cashback offer, see condition 6 also.
Expand the relevant sections below to see the full details.
-
Already have a FlexAccount?
To qualify for the mortgage offers, you must hold a current account with a Visa debit card (not a cash card+) and either:
Have been paying in £750 (excluding internal transfers) a month for the last three months,
ORComplete an account transfer to us (from a non-Nationwide account) using our Account Transfer Service or have done so in the last four months
-
- Mortgages are subject to underwriting and criteria. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
- Borrowing limits apply - please ask for details.
- We may withdraw this offer at any time.
-
Remortgaging:
Moving your mortgage to Nationwide also results in legal costs. Nationwide will normally pay for these. However there are some items that we don't pay for. These include mining or any other unusual search fees, fees for first registration of the title HM Land Registry, dealing with a change of name on the title deeds or a transfer of equity and any additional legal work needed to put your title deeds in order, etc. For leasehold cases, any fees you must pay to the freeholder or management company and any fee for carrying out a company search or obtaining company documentation in respect of the management company are not included. The solicitor we choose will be acting for Nationwide, so if you decide not to use the solicitor selected by us and/or take independent legal advice, this will not be covered under our 'free legal fees' scheme.Buying a home:
Nationwide will pay the basic fee for the legal work involved in a standard property purchase and any additional legal fee if the property is leasehold or commonhold. The offer of free legal fees does not include any payment for the costs that the conveyancer must pay to a third party such as local authority or other search fees, Stamp Duty or registration fees payable to the Land Registry. The offer also does not include the charge, plus VAT, payable to the conveyancer to deal with the settlement of any Stamp Duty and the submission of the Stamp Duty Land Tax form. These costs will have to be paid by you. Due to Northern Irish law, Nationwide is unable to offer free legal fees in Northern Ireland.
-
Remortgaging:
If you are remortgaging your existing property, we will still undertake a valuation for our purposes. We do not normally charge for this in standard cases. Occasionally there are exceptional circumstances where a charge may be necessary.Buying a home:
Nationwide will pay the basic fee for the Mortgage Valuation Report required to determine the amount of advance it is prudent to make on the proposed security. The valuation does not include any payment for a more detailed Homebuyers Report or additional specialist report. You should not rely on the Mortgage Valuation Report to mention every defect in the property and you are strongly advised to undertake your own independent valuation.See how much you could save in the table below:
Purchase Price Mortgage valuation fees Up to £50,000 £180 Up to £100,000 £210 Up to £150,000 £225 Up to £200,000 £255 Up to £250,000 £290 Up to £300,000 £340 Up to £350,000 £360 Up to £400,000 £390 Up to £450,000 £420 Up to £500,000 £450 Up to £600,000 £505 Up to £700,000 £570 Up to £750,000 £625 Up to £800,000 £625 Up to £900,000 £680 Up to £1,000,000 £735 Up to £1,500,000 £835 Up to £2,000,000 £990 Up to £2,500,000 £1,150 Up to £3,000,000 £1,335 Up to £3,500,000 £1,570 Up to £4,000,000 £1,800 Up to £4,500,000 £2,030 Up to £5,000,000 £2,265 Up to £6,000,000 £2,360 Up to £7,000,000 £2,820 Up to £8,000,000 £3,365 Up to £9,000,000 £4,020 Up to £10,000,000 £4,810 -
£300 cashback applies to existing mortgage customers who take another Nationwide mortgage when moving home, switching at the end of their deal, or switching from our Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR). This offer is available on products reserved on or after the 11 June 2010 and is payable per application within one month of completion of the new mortgage. This offer may be changed or withdrawn in future.Only available in branch, by phone or online at nationwide.co.uk
If your mortgage is in joint names, your cheque will made payable to the first two named borrowers. However, if you require it to be re-issued in a single name, please contact us at the address below. We will require the written and signed authority of all named borrowers before we can re-issue the cheque in this way.
Kings Park Road,
Moulton Park
Northampton
NN3 6NWExisting customers switching to a new mortgage at the end of your deal:
The additional £100 cashback only applies to eligible existing mortgage customers who are within 3 months of the end of their deal, on Nationwide's Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR) and complete their switch to a new Nationwide mortgage online using Nationwide's Online Mortgage Switcher (OMS) service. This offer is available on products reserved on or after the 10th March 2011 and is payable per application within one month of completion of the new mortgage. Only available online at nationwide.co.uk/switcher.
To be eligible to use our Online Mortgage Switcher and complete your switch online, you must meet the following criteria:
- Your Nationwide mortgage deal is ending in the next 3 months, or you are currently on either our Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR)
- You only have one mortgage account, which is not shared ownership or equity share
- Your mortgage is paid by Direct Debit and is not in arrears
- Your property is not being let out
Please note that if you want advice, want to borrow more or change your term/repayment method at the same time as switching your deal, you cannot switch online.
-
Please note that Save to Buy Savings Account means a Save to Buy ISA and/or a Save to Buy account
Save to Buy Mortgage
To apply for the Save to Buy mortgage you must have held the Save to Buy Savings Account for at least 6 months prior to application and meet the following requirements:
- If the Save to Buy Savings Account has been open for less than 12 months at the date you apply for the Save to Buy mortgage you must not have missed more than 3 Minimum Monthly Deposits of at least £50 into any one of your Save to Buy Savings Accounts from the date of opening to the date you apply for the Save to Buy mortgage. If the Save to Buy Savings Account has been open for 12 months or more at the date of application for the Save to Buy mortgage you must have deposited at least £50 per month into any one of your Save to Buy Savings Accounts for not less than 9 out of the preceding 12 months. Transfers between Save to Buy Savings Accounts do not qualify as a Minimum Monthly Deposit for eligibility purposes.
- Nationwide's mortgage underwriting criteria applying at the date of the application for the Save to Buy mortgage, which will include, but is not limited to, an assessment of your ability to repay the mortgage and a satisfactory valuation of the property you wish to purchase.
Save to Buy Mortgage Cashback Eligibility
- If you complete a Save to Buy mortgage you will be eligible for a cashback reward. The amount of cashback is confirmed in the welcome letter you received when the Account was opened and will be based on the combined balance of all named mortgage applicants’ Save to Buy Savings Accounts at the time of their application for the Save to Buy mortgage. Only Save to Buy Savings Accounts of named Save to Buy mortgage applicants will count toward the cashback reward.
- The cashback is payable either by cheque or by bank transfer to the current account where the mortgage payment is taken from, within one month of completion of the new mortgage.
- Only one cashback will be paid per Save to Buy mortgage and is payable within one month of completion of the mortgage. Where more than one mortgage product is selected as part of a single application, only one cashback will be payable.
Please visit our Savings section for the information and terms and conditions of the Save to Buy ISA or the Save to Buy account.
Information for customers who already hold a Save to Buy savings account and are looking to apply for the Save to Buy mortgage
If you meet the eligibility criteria to apply for the Save to Buy mortgage as detailed above and hold a main FlexAccount as detailed in condition 1, you will receive an extra £1,000 cashback in addition to the cashback reward linked to your savings account. This offer is available when you apply for a mortgage of £100,000 or more in branch or by phone only and may be withdrawn at any time and without notice. To be eligible for the Flexclusive mortgage offer, you must meet all the criteria detailed under condition 9 below.
-
To be eligible to apply for the Flexclusive Cashback Mortgage product range:
- All applicants must be a First Time Buyer. A First Time Buyer is defined as someone who has not held a mortgage (whether within the UK or outside of the UK) in the last 3 years: and
- At least one applicant must have a FlexAccount with a Visa debit card (not cash card) and either:
- Pay in £750 or more each month (excluding internal transfers); OR
- Have completed an Account Transfer from a non Nationwide account using our Account Transfer Service in the past 4 months (from the date that we receive your mortgage application).
To be eligible for the £1,000 cashback:
- Applicants must be eligible and apply for a mortgage from the Flexclusive Cashback mortgage product range. Save to Buy customers who meet the Flexclusive Cashback product criteria and are eligible to apply for a Save to Buy mortgage from 2nd March 2012 must select a mortgage from the Save to Buy mortgage range;
- This is a limited offer open from 2nd March 2012;
- Applicable mortgages must complete within 180 days from date of mortgage offer;
- Minimum loan size is £100,000. Maximum loan sizes are subject to LTV limits;
- Applications are required and all mortgages are subject to underwriting and lending criteria;
- Applications can be made in branch or by telephone;
- The cashback is payable either by cheque or by bank transfer to the current account where the mortgage payment is taken from within one month of completion of the new mortgage;
- Only one cashback will be paid per mortgage from the Flexclusive Cashback Mortgage product range. Where more than one mortgage product is selected as part of a single application, only one cashback will be payable; and
- Customers who reserve a Save to Buy mortgage (for £100,000 or more) from 2nd March 2012 and who meet the criteria for the Flexclusive Cashback Mortgage product range will receive the £1,000 cashback in addition to any Save to Buy cashback rewards that they are eligible for.
Our mortgage products can change or be withdrawn at any time without us giving notice to you. To ensure you get a particular rate we must accept your application and you must pay the non-refundable upfront booking fee and any product fee for the product.