We have listened to your feedback and have reviewed our product range. From 4 March 2010 we'll be withdrawing House Purchase and First Time Buyer products with Free Legal Fees. To support first time buyers we still offer a range of products with a reduced product fee of £495.
House prices fell by 1.0% month-on-month in February, although the price decline may be explained by snowy weather and expiry of stamp duty holiday. It's too early to say whether February's drop is just a temporary blip or the start of a new trend.
House prices made a strong start to 2010, rising by 1.2% in January and, up 8.6% year-on-year. Recent economic data has been a mixed bag for the housing market, and inflation uncertainties highlight interest rate risk.
From today we'll be making some positive changes to our ID requirements. We'll no longer need the paper counterpart to new style driving licences, and we're accepting UK National ID cards as proof of name. The changes detailed are designed to make it easier for you to submit applications to us.
From 4 March 2010 we will be making changes to how we calculate the amount that your client can borrow, taking a more personalised approach to assessing the amount we will lend. We'll also be making changes to mortgages into retirement, flexible features and renaming the reservation fee to product fee.
From 9 February 2010 we'll be amending the LTV tiers on a selection of mortgages, making our lowest rate on all mortgages, for all borrower types, now available up to 70% LTV. We'll also be reducing our 1 year fixed rate by 0.20% to 3.49% for all purchase clients up to 75% LTV.
We regret to inform you that from today your Nationwide For Intermediaries Business Development Manager, Tom Bolton, will be on compassionate leave for the forseeable future. Until Tom returns please direct any queries you may have to the BDMs listed in the link below who will be delighted to help you further.
Knowing how long it'll take us to process your cases is an important piece of information for you and your clients. For the second month running it took Nationwide just 9 days to get a case from application to offer.
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