News

From Wednesday 6 May, Nationwide will reduce selected fixed rates by up to 0.35 per cent and is launching a new two-year tracker at 60% LTV. Selected two-year tracker rates will also be amended.

• Nationwide Building Society reveals lockdown spending habits via consumer poll and own data
• Nearly two thirds of Brits have changed their spending habits over the course of the lockdown
• Despite overall spending dipping in lockdown, poll shows 4 in 10 have more disposable income
• Nationwide data shows online spend has risen by 38% in the last 30 days compared to last year
• 1 in 4 impulse buying due to browsing more online, while 15% browse for an hour or more a day
• But Brits keen to give back as more than a third have donated money to charity during lockdown

• Society still accepts new applications up to 95% LTV via telephone and branch video
• Existing members can continue to borrow up to 95% LTV
• Society is also launching competitive fixed rate products for remortgages with £1,499 fee
• Fixed rate switcher products up to 60% LTV reduced by up to 0.10%

Nationwide Building Society is today launching new issues of its on-sale Triple Access Online savings accounts in response to the changing market.

• Almost £3 million of funding recently awarded will be unrestricted for around 100 charities
• Additional £4 million of grants open for applications this summer to support charities
• Charities can self-direct funding to help those most in need in communities across the UK

• Temporary reduction in overdraft interest rate from 39.9% APR to 18.9% APR
• Overdraft interest holiday available on request on full overdraft balance
• Comprehensive online resource provides details of coronavirus support available

• Products available for remortgage applications via brokers, up to maximum 60% LTV

• Majority of savings accounts will see rates reduced by less than 0.65% Bank Rate cut
• Popular Triple Access Online ISA and Saver accounts remain on-sale, offering 1.00%
• Start to Save remains unchanged, encouraging those with no savings to start habit
• FlexDirect interest rate reduced to 2% as a direct result of ultra-low interest rates
• Existing FlexDirect holders within 12-month initial period still receive 5% introductory rate
• Recommend a Friend incentive paused as Society focuses efforts on coronavirus support

In light of the uncertainty caused by COVID-19 for its members, the Nationwide Building Society Board Remuneration Committee has agreed to a request by its Chief Executive to reduce his base salary and pension combined by 20 per cent.

Nationwide Building Society (‘Nationwide’) has today announced that it is stopping plans to enter the UK business banking market as it prioritises supporting its members through the immediate and longer-term financial implications of COVID-19.

• Mortgages withdrawn from sale online and via brokers as Society focuses on supporting existing members at difficult time
• Nationwide and TMW offering enhanced measures to support existing mortgage applications
• Measures include mortgage offer extensions and alternative valuation methods

• Measures aimed at ensuring progress on existing Nationwide and TMW applications
• Covers existing new home purchase, remortgage or additional borrowing applications
• Nationwide and TMW to allow three month mortgage offer extensions on case-by-case basis
• Customers should only request an extension within 30 days of offer expiring
• Valuations to continue using automated valuation model and remote desktop where possible