News

• Building Society announces resumption of work on sustainable housing project in Swindon
• Lovell Partnerships Ltd will deliver remaining construction work on 239-home development
• Subcontractors returning to site throughout August with homes on sale later this year
• Lovell will replace previous construction partner, Mi-space, following their administration
• Oakfield set to be one of Britain’s largest off-gas housing developments

The results of the voting at Nationwide Building Society's Annual General Meeting (AGM) held today, Thursday 14 July 2022, at Nationwide House, Pipers Way, Swindon, SN38 1NW are detailed below.

• All frontline colleagues will receive cost-of-living training to support and guide members
• Cost-of-living freephone hotline introduced so that those struggling can access support quickly
• Experts in branches to respond and reach out to members face-to-face, by phone and video
• Support will include financial wellbeing reviews and guidance from money experts and charities

• New issue of 1 Year Triple Access Online Saver launched paying an increased rate
• Nationwide is also increasing rates on one and two year fixed rate products
• Society also increasing rates on off-sale Loyalty accounts from 1 August

On Wednesday 7 July, The Mortgage Works (TMW) is launching two new competitive buy to let products for limited companies and at the same time reducing selected limited company rates by up to 0.15%.

• Spend in May hits 2022 peak as both essential and non-essential spending rise in value and number
• Nationwide’s Spending Report shows around 14m more transactions were made in May than April
• Essential spending rises driven by bills – including fuel, travel, utilities and paying off existing debt
• But consumers have increased spending on the things they enjoy – holidays, clothing and gardening
• Credit card spend up 6% vs April (and 22% on May 2021) while month-on-month debit card spend flat

• Introductory rate available for new applications on balances up to £1,500 for first 12 months
• Members switching their current account receive £125 while new customers receive £100
• Switchers could benefit from up to £200 within first year through interest and switching incentive
• Interest free overdraft for first 12 months helping members reduce existing debt and outgoings

Mortgage brokers can now get a decision in principle (DIP) even faster with Nationwide as the Society enhances its API technology in partnership with mortgage technology firm Twenty7Tec.

• Member Online Bond rewards members with 2.50% - the high street’s top rate for 3-year fixed rate bonds
• Start to Save (Issue 2) pays 2.50% - incentivising people to build steady savings during challenging times
• Start to Save account also offers new six-monthly prize draw offering £250 to those who save regularly
• Nationwide increasing rates by up to 0.50% on all off-sale variable rate accounts, effective 1 July

• Pledge to protect branches in cities and towns extended until 2024 to support members
• Society encourages members who are facing financial hardship to talk to them