Nationwide for Intermediaries

Age/Term

Minimum age for mortgage applicants is 18.

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

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.

New borrowers cannot 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.

Current Nationwide borrowers whose current mortgage term extends beyond the eldest applicant's 75th birthday can take out a new mortgage over the term remaining on their current loan, subject to satisfying all other lending criteria - see below.

• Current Nationwide borrowers already aged 75 or over may apply for a new loan over the remainder of their current mortgage term providing:
     - They don't increase the term(s) beyond the current remaining term(s).
     - They don't 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. 
• Current 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 don't 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.

Proofs

The Society must satisfy identification requirements (Name and Address) for ALL mortgage applicants including guarantors. You may be asked to provide evidence to confirm your clients name and address.

In order for your client to proceed with their application we may require the following:

Acceptable proofs of name:

• UK based Bank or Building Society statement (less than three months old, internet banking statements are not acceptable) and bank or building society debit, credit or cheque guarantee card
• Certified copy of a Full UK Driving License (paper or photo card)
• Certified copy of a Provisional UK Driving License (paper or photo card)
• Certified copy of a Valid Full Passport or EU Member State ID card
• HM Revenue and Customs notice of coding (less than twelve months old)
• UK National ID Card
• UK Firearms License or Shotgun Certificate
• Benefit Letter (less than twelve months old)

Acceptable proofs of address

• Certified copy of a Full UK Driving License (paper or photo card)
• Certified copy of a Provisional UK Driving License (paper or photo card)
• Gas, electricity or telephone bill, not mobile (less than three months old)
• Mortgage statement, water bill or council tax bill (less than twelve months old, internet banking statements are not acceptable)
• Benefit Letter (less than twelve months old)

Acceptable proofs of UK Residency

• All applicants are required to state their nationality
• Non-UK or European Economic Area (EEA) citizens require indefinite leave to remain in the UK. This must be evidenced by a stamp in a currently valid passport or written confirmation from the Home Office

Credit Referencing

All applicants are credit referenced before a mortgage is offered usually at Decision in Principle stage.

For your client to be accepted:

• The credit reference must cover all addresses for all parties in the last 3 years.
• The applicant must not be an undischarged bankrupt or must be discharged for at least 12 months before we can accept an application.
• Normally there should be no history of a repossession, either voluntary or enforced

Multiple credit references over a short period may adversely affect your client's credit rating and you should explain this to your client before requesting Nationwide to undertake a Decision in Principle.

Foreign Nationals

For applications to be considered, indefinite leave must be evidenced by a stamp in a currently valid passport or written confirmation from the Home Office.

Where indefinite leave to remain in the UK is not granted, applications can be considered:

• Up to 90% maximum LTV% plus 10% deposit from the applicants own resources. Builder's Cashback and Top-Ups are unacceptable
• Please make sure you refer to our current interest rates as product LTVs apply by application type. Products may not always be available up to the maximum lending limits above
• If applicants have been legally resident in the UK for at least twelve months
• If evidence of a work permit/visa with at least two years left to run until expiry is provided
• Applicants have their salary paid into a UK bank account

Applicants who do not have indefinite leave to remain in the UK but who meet all the above criteria can be referred to a Specialist Underwriter who will assess the individual application and approve it where appropriate.

For information about products please see our products, loan size and maximum LTV criteria.