General Criteria
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.
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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.
Please note: Subsequent additional borrowing applications cannot be accepted if less than 6 months have passed since the date of completion of the main loan, or if the mortgaged property is being let out.
Proofs
The Society must satisfy identification requirements for ALL mortgage applicants. 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:
UK and European Economic Area Nationals
Please supply one document from the UK Photo ID list below:
- Copy of a valid full UK Passport
- Copy of a valid full UK Photocard Driving Licence
Alternatively please supply one document from the Proof of name list and one different document from the Proof of current address list.
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
- Copy of a Valid full UK and Northern Ireland Driving Licence (old style paper)
- National ID Card (EU Only)
- HM Revenue and Customs notice of coding (less than twelve months old)
- UK Firearms Licence or Shotgun Certificate
- Benefit Letter (less than twelve months old)
Acceptable proofs of current address
- UK based Bank or Building Society statement (less than three months old, internet banking statements are not acceptable).
- Copy of a Valid full UK and Northern Ireland Driving Licence (old style paper)
- HM Revenue and Customs notice of coding (less than twelve months old)
- Gas, electricity or telephone bill, not mobile (less than three months old, internet statements are not acceptable)
- Mortgage statement, water bill or council tax bill (less than twelve months old, internet statements are not acceptable)
- Benefit Letter (less than twelve months old)
Acceptable proofs of UK Residency for non-EEA Foreign Nationals
- Copy of a valid non-UK or European Economic Area (EEA) passport containing stamp for indefinite leave to remain in the UK.
- Written confirmation of indefinite leave to remain in the UK from the Home Office.
- Additional acceptable proof of current address as detailed above.
See section below for more information.
Non-EEA 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 subject to meeting the following criteria:
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Minimum 25% deposit which must be from the applicant's own resources. Gifts, Builder's Cashback and Top-Ups are unacceptable sources of deposit.
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Applicants must have been legally resident in the UK for at least twelve months
- Applicants must have either Tier 1 or Tier 2 immigration status
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Applicants must 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.
Credit Referencing
All applicants are credit referenced before a mortgage is offered usually at Decision in Principle stage.
For your client to be accepted:
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The credit reference must cover all addresses for all parties in the last 3 years.
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The applicant must not be an undischarged bankrupt or must be discharged for at least 12 months before we can accept an application.
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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.
