Nationwide mortgage lending criteria
We have not verified the information with the lender. You should not rely on this information. If you have an area of concern then please ask us.
Nationwide mortgage lending criteria
Mortgage Advances
Up to £2,000,000 75% LTV
Notes
Illustration Type = ESIS.
Mortgage NOT portable, Mortgage is Flexible, Under payments allowed., Overpayments allowed.
Porting is not available as part of this change, any existing customers moving home that are looking to port onto Interest
only would not be able to access the Interest Only product range, however they can continue to port their existing
repayment basis. Any additional borrowing taken out as part of that application would need to be part of a Repayment
basis.
Switch and Fix feature. When this product is taken customers have the option to switch to a
fixed rate at any time during the deal period without paying early repayment charges.
Standard Valuation fees for Nationwide are £0, unless the applicants require a Home Buyers report then a fee will apply.
Please refer to Nationwide directly for details.
Green Cashback:
If you are purchasing an energy efficient property, you may be eligible for a Green Cashback of up to £500, payable
within 4 weeks of completion of your mortgage.
To be eligible for the cashback;
1) the property must have a Standard Assessment Procedure (SAP) rating as follows:
a) properties rated 86 to 91 - £250 cashback
b) properties rated 92 and above - £500 cashback
2) the SAP rating must be listed on the government register within 2 weeks of completion of your mortgage.
Details of the SAP rating can be found on the Energy Performance Certificate (EPC). The Green Cashback is in addition
to any other cashback’s listed here that you may be eligible for.
An 'overpayment' is any payment in addition to the normal monthly payment as quoted in section 6 above and also in
addition to any arrears balance currently outstanding. Payments of capital included in your overpayments will reduce the
amount on which we charge interest from the day after payment.
This mortgage is available up to a maximum of 60% of the property's valuation.
Capital Rest Period : Daily
Repayment Types
Repayment
Endowment refer
PEP refer
Pension refer
Interest only (no RV)
With Profits refer
Unit Linked refer
ISA refer
Split Repayment Yes
Fees
Arrangement : £varies Can be Added
Booking : None
Early Repayment Charges
None
Higher Lending
None
Valuation
Basic:
Free
Homebuyers:
up to £50,000 - £225
up to £100,000 - £225
up to £150,000 - £275
up to £200,000 - £275
up to £250,000 - £325
up to £300,000 - £325
up to £350,000 - £375
up to £400,000 - £375
up to £450,000 - £425
up to £500,000 - £425
up to £600,000 - £450
up to £700,000 - £500
up to £800,000 - £550
up to £900,000 - £600
up to £1,000,000 - £650
up to £1,500,000 - £700
up to £2,000,000 - £800
up to £2,500,000 - £1000
up to £3,000,000 - £1250
up to £3,500,000 - £1500
up to £4,000,000 - £1700
up to £4,500,000 - £1850
up to £5,000,000 - £2000
up to £6,000,000 - £2250
up to £7,000,000 - £2750
up to £8,000,000 - £3500
up to £9,000,000 - £4500
up to £10,000,000 - £6200
Lender Conveyancing Fee - £129.75 Payable on completion. The figure quoted here is an estimate - the total fee for
conveyancing may be higher. Fee payable to your conveyancer.
Redemption Charge - £65.00 Payable on early redemption. A non-refundable administration fee may be payable to
Nationwide when you repay the mortgage. This fee will not be payable if, at any time of this mortgage, you take out a
new Nationwide mortgage or you have 10 years or less remaining of the original term of this mortgage.
Added Mortgage Fees - £0.00 Payable upfront. Nationwide Building Society reserves the right to collect from you any
fees you have opted to add to the loan if the mortgage does not complete or if you change products.
Acceptable Property Types
Freehold Flat Refer
Purpose Built Flat Refer
Converted Flat Refer
Flat Over Shop Refer
Maisonette Yes
Studio Flat Refer
Flying Freehold Refer
Thatched Yes
Timber Framed Refer
Concrete Refer
Agricultural Tie Refer
Flat Over 4 Storeys Refer
Listed Building Refer
Right to Buy
Max Discount% 100
Max Market Value% 95
New Build acceptable. For lending on New Build Flats the max LTV is 75%. For lending on New Build houses the max
LTV is 85% up to £750k and 80% up to £1m.
Accepted Locations : England, Scotland, Wales, N Ireland
Shared ownership : Accepted
Requirements
Bank Statements No
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency No
Life Policy To Be Assigned No
Previous Lender References Yes
Insurance
Buildings Conditional
Conditions
Min Loan £25,000
Max Loan £1,000,000
Max Portfolio of BTL Loans none
Min Age 18 years
Max Age 75 years
Min Term 1 years
Max Term 40 years
The list products will be available as Repayment or Interest Only, if Interest Only is selected the applicant can only have
the Sale of Main Residence as its repayment vehicle as no other options are applicable in this instance.
Furloughed Applicant's: Check Lender Note's (payslip section) or Check with the Lender
Foreign Citizens Refer
Ex-Patriates Refer
Income
Based on Income > 0
4.75 + 0 or 4.75 joint
Min months in current position none
Min months in continuous service none
Min no. of years accounts 2
Average years taken to calculate income 2
Will consider declining profit Yes
Outgoings
Lending based on affordability - please refer to Nationwide website www.nationwide-intermediary.co.uk for affordability
calculator.
Self-employed capped at maximum 4.75 times income and 85% LTV
Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft Taken into account
Credit/Store Cards Taken into account
Child Maintenance Taken into account
Child Education Taken into account
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 50% to income before multiply
Other Income - Irregular No
Investment Income Add 25% to income before multiply
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 100% to income before multiply
Non Contributory Pension No
Car Allowance Add 100% to income before multiply
Remortgage Max LTV Max% increase
Remortgage Not Available
Adverse Credit
CCJs : Refer to lender
Defaults : Refer to lender
Arrears : Refer to lender max months 3
Bankrupt : Refer to lender
Current IVA : Refer to lender
Repossession : Refer to lender
An application may be referred if either applicant has exceeded 3 months
arrears in the last 3 years.
Credit reference must cover all addresses for all parties for the last three years.
Normally the applicant should have no CCJs although one satisfied CCJ under £250 can be accepted (Scotland: Sheriff's
Court Decree).
We will consider lending to applicants with current/previous CCJs/Defaults. Dependent upon value and date registered.
May be subject to a senior underwrite.
IVAs & Bankruptcy, Arrears & DMPs are considered where discharged for at least 3 years. Subject to senior underwrite.
- The Lender will judge customers with previous or existing adverse credit in a flexible manner and every case will be
judged on its individual merits, along with the customer's ability to keep up repayments on the mortgage, taking into
account his/her existing liabilities.
- The Lender will consider cases of financial difficulty and mortgage arrears sympathetically.
- The general principles of the Council of Mortgage Lenders' Statement of Practice on Handling Arrears and
Possessions, including :
a) with your co-operation, developing a plan with you for dealing with your financial difficulties and clearing the arrears,
consistent with both your interests and those of the Lender.
b) possession of your property will be sought only as a last resort when attempts to reach alternative arrangements with
you have been unsuccessful.
For secured and unsecured personal loans, hire purchase and deferred purchase agreements, we will disregard the debt
if it has 6 months or less to run