News Archive 2009
House prices rose by a further 0.4% in December, with year-on-year house price inflation up from 2.7% in November to 5.9% in December; although the future outlook for house prices is still uncertain.
The Nationwide Intermediary sales support line will be closed on Thursday 17 December for training and development. The 0845 601 0763 telephone number will not be available after 11.30am and lines will be open again from 9am on Friday 18 December. Please contact your usual service centre if you need any urgent assistance.
We've been working hard over the past year to ensure that you receive the five star service that you would expect from the world's largest building society. When we heard that Nationwide For Intermediaries had been awarded a coveted Five Stars in the Financial Adviser Service Awards, we were naturally over the moon. So we just wanted to say a big 'thank you' for your continued support.
Giving you the best possible service is our top priority. We're sending you a snapshot of our current service levels, so you can see just how quickly we're processing your cases.
From Friday 6 November 2009, we are pleased to announce that selected fixed rate and tracker products will be reduced by up to 0.31%. Key house purchase product changes include 2 year fixed rate products available from 3.78%, with 2 year tracker products available from 2.78% - both available up to 70% LTV with a £995 fee.
We thought it would be a good time to remind you that there are only 42 working days until the threshold returns to £125,000. As the average Nationwide purchase application takes around 39 days* to complete you'll need to get these applications in soon if your customer wants to take advantage of this discount.
From Friday 30 October 2009 we will be increasing our LTV limit for tracker products. New customers moving house and first time buyers will benefit from up to 85% LTV on tracker products. This will allow customers with smaller deposits to take advantage of our competitive tracker range.
From Tuesday 20 October 2009 we are increasing our list of acceptable Equity Share holders to include employers. We can now accept any employer as an Equity Share holder, the maximum share an employer will be able to retain is 50% of the share.
From 16 October 2009, selected First Time Buyer products will qualify for either a £500 reservation fee discount or a £250 reservation fee discount with free legal fees*. Selected house purchase products will qualify for free legal fees*. We will also be making rate reductions across our product range.
From 2 October 2009 we will be extending our 0-60% LTV rate availability to 0-70% LTV for selected 2 year Purchase products and 0-75% for selected 3 year Purchase products, this will allow customers with smaller deposits to take advantage of even lower rates. In addition, we have reduced some key rates across the Purchase range, and we will no longer offer Self Build mortgages.
From 11 September 2009 we will be adding to our product range and making changes to our rates including the launch of two no ERC 2 year trackers for Purchase from 4.99% with reservation fees from £896, the launch of no ERC 2 year tracker for Further Advance from 4.99% with £995 fee, a decrease in reservation fee on our 2 year fixed product from £500 to £396, a decrease in selected fixed and tracker Purchase rates, an increase in selected fixed and tracker Remortgage rates, and amendments to our Further Advance rates.
When reserving products online through our e-trading website or via MTE, the non-refundable booking fee of £99 must be paid by credit or debit card. If the credit or debit card details are incorrect and the payment fails then we will not be able to reserve your selected product
Giving you the best possible service is our top priority. Below is a quick snapshot of our current service levels, so you can see just how long it's taking us to process your cases.
From 4 August 2009 we will be enhancing our product range and changing our fee structure. Fixed and tracker rates are reduced by up to 0.50% and a new £99 non-refundable booking fee will be payable on all products reserved - this includes products with no reservation fee. Reservation fees are being reduced by £99 so the total arrangement fee remains the same.
From 31 July 2009 we will be making changes to our application process. Customers will have 90 days from the day after product reservation to complete the application process and be in receipt of an offer. Offers for remortgage applications will be valid for 3 months. Offers for purchases and further advances remain unchanged.
The Homes & Communities Agency (H&CA) has announced that all of the government's funding for the Open Market HomeBuy products have now been allocated. This means we will be unable to accept applications under the MyChoice HomeBuy scheme unless government funding is already in place.
From Tuesday 21 July 2009 we will be expanding our product range, introducing 1 year fixed rate products available for house purchase, and new 4 year fixed rate products available for house purchase, remortgage, and further advance.
From Tuesday 23 June 2009 we will be making changes to our product range, key product changes are an increase in all house purchase, selected remortgage, and selected further advance fixed rate products up to 75% LTV.
From Wednesday 10 June 2009 we will be making some changes to our product range. Key changes are all further advance rates increased by 0.30% across all LTV tiers, and 3 year fixed rate remortgage increased to 4.39% at 60% LTV.
From Thursday 14 May 2009 we will be making some changes to our income criteria regarding bonus, overtime and commission. Exisiting products can be reserved online through our e-trading website or via MTE (Mortgage Trading Exchange) until 5pm on 13 May 2009.
HomeBuy Direct is a scheme intended to help first time buyers in England to purchase specific new build properties. Buyers will be offered an equity share loan funded jointly by the government, through the Homes and Communities Agency and the builder.
We are pleased to announce the introduction of a new tracker range with a £495 reservation fee with effect from 7 April 2009. With remortgage tracker rates from 3.59%, purchase tracker rates from 3.64%, and a maximum loan size of £1m for new borrowers up to 60% LTV.
Introduction of new 75-80% and 80-85% LTV tiers - House Purchase only with rates from 5.48% for 2 year fixed rate (£995 fee). New borrowers will be able to take tracker products up to 80% LTV. Other product and criteria changes also apply.
We are making changes to products in our mortgage range with effect from 6 March 2009. Key changes include decrease of 0.10% in 2 year fixed rates for purchases up to 75% LTV (£995 fee), a decrease in 3 year fixed rates for purchases from 60-75% LTV now 4.33%, and more.
We are pleased to announce that we will be reducing the rates on our 2, 3 and 5 year fixed products. We are also launching new 2 and 3 year tracker rates. Please see below for full details of the new product range effective from the 17th February.
In response to current market conditions we will be withdrawing our tracker products with effect from 5pm today. Products can be reserved online through our e trading website or via MTE (Mortgage Trading Exchange). The deadline for receipt of applications/reserving the existing product range is 5pm 5 February 2009.
We are pleased to announce that we will be reducing the rates on our 2, 3 and 5 year fixed products. We will also be withdrawing our 5 year fixed rate product with a £1,999 reservation fee. Please follow the link for full details of the new product range.
We would like to take this opportunity to remind you of our process when additional payment information is required from you or your customers.
Follow the link below for the opening times for our Sales Support and Service Centre over the Christmas period. We would like to wish you all a very Merry Christmas and and a Happy New Year.
From 11 December 2009 we'll be making it more affordable for first time buyers and anyone moving home to take out a Nationwide mortgage, by reducing selected fixed and tracker rates by up to 0.29%.
Following its resurgence in the previous month, the Savings Index rose by another three points to reach its highest level since December 2008. The rise in the Savings Index was as a result of the improvement in the savings environment. The Savings Environment Index increased by eight points to 85 – its highest level since December 2008. Fewer people are not saving at all (22%, a decrease of 2%).
The Nationwide Consumer Confidence Index remained unchanged in October, staying level at 72 points. While the Expectations Index fell by two points to 106, confidence in the present situation continued to return and recorded a three point rise over the month.
House prices rose at a slightly slower pace of 0.4% in October, with the price of a typical property 0.4% higher on the month in October, compared to an increase of 0.9% in September, and 1.4% in both July and August 2009.
Following a recent ballot, the Communication Workers Union has announced their intention to hold three national strikes on 29, 30, and 31 October 2009. For the majority of applications, please continue to apply using our e-trading website
Giving you the best possible service is our top priority. We're sending you a snapshot of our current service levels, so you can see just how quickly we're processing your cases.
All four of the Nationwide Savings Index indices have bounced back, following last month's falls. The Savings Index is now at its highest level since November 2008.
The Nationwide Consumer Confidence Index rose by six points in September, increasing to 71 from 65 in August. The Index is now 24 points higher than it was a year ago.
Giving you the best possible service is our top priority. We're sending you a snapshot of our current service levels, so you can see just how quickly we're processing your cases.
On the 4th August 2009 we introduced a non-refundable booking fee of £99 payable on all products reserved, including products with no reservation fee.
Since the introduction of this new process, we've received a large number of applications without a product booking fee. This has had an effect on our service standards. We are therefore making a change to the way we deal with applications received without the booking fee.
The price of a typical house rose for the forth consecutive month in August, increasing by 1.6% on a seasonally adjusted basis.
Consumer confidence rose by one point to 60 in July. The Expectations Index increased by one point to 89. The Spending Index fell by 11 to 94. The Present Situation Index fell from 17 in June to 16 in July. For the first time in over a year, consumers expect that their house price will rise in the next six months.
Playing football as a child never gave you the chance to win great prizes, but the new Nationwide For Intermediaries Fantasy Football League (NFIFFL) is. Just visit www.nfifootball.co.uk to register as a manager and select a team. It's as easy as that - plus you'll get the chance to win exclusive prizes that money can't buy.
The Savings Index increased eight points to 80. More people (77%, an increase of 3% from May) now save either regularly or occasionally Fewer people (23%, a decrease of 3% from May) save nothing at all. More consumers believe that now is a good time to save, with the Savings Environment Index improving six points.
We know how much you've had to adapt the way you work in today's economic climate and we're doing the same. To make sure we offer you a relevant, efficient and dedicated service, we've merged our Nationwide For Intermediaries and TMW sales teams to create a new force of 62 BDMs across the country.
House prices rose by 0.9% in June, with the three month rate of change turning positive for first time since December 2007. Low supply supporting prices for now, but a sustained recovery still faces risks.
From Friday 12 June 2009 we will be making the following changes to our product range. Key product changes are an increase in all fixed rate products, and an increase in selected tracker products. All other rates and lending criteria remain unchanged.
Nationwide Building Society has announced its results for the year ended 4 April 2009. This set of results demonstrates a resilient performance in an exceptionally difficult market place.
From Thursday 30 April 2009 we will be launching a new variable rate, the Standard Mortgage Rate (SMR). The SMR is currently only available as a revert rate, starting with a variable rate of 3.99% and comes with the full range of flexible features.
From 17 April 2009 we will require a 5% minimum deposit on equity share cases. To secure products with the current criteria, completed paper applications must reach the service centre no later than 5pm on 16 April 2009. All other rates and lending criteria remain the same.
We are making a series of changes to our mortgage products with effect from 1 April 2009. Key Product changes include fixed rates reduced on all 60% LTV, and 2 year House Purchase tracker rates from 3.33% at 60% LTV, along with a decrease in selected fixed and tracker rates across all other LTV tiers.
Following our communication on 2 March, may we remind you that from 16 March 2009, Nationwide will no longer be able to accept paper applications for cases that can be processed and submitted electronically via our two e trading systems.
We are making changes to the following products in our mortgage range with effect from 1 March 2009. Key changes include an increase in rates on 5 year fixed rate products, and an increase in rates on 2 and 3 year tracker products.
In response to current market conditions we will be withdrawing our tracker products with effect from 5pm today. Products can be reserved online through our e trading website or via MTE (Mortgage Trading Exchange). The deadline for receipt of applications/reserving the existing product range is 5pm 5 February 2009.
We are pleased to announce that we will be reducing the rates on our 2, 3 and 5 year fixed products. We are also reducing our tracker rates by 0.5% to reflect the Bank of England base rate which is now 1.5%. Please floow the link for full details of the new product range.
Following the Bank of England's decision to decrease the Base Rate to 1.5% we wish to confirm that we will be applying a revised tracker floor at 2% as a temporary concession for existing customers. The temporary floor of 2% is advantageous to our existing tracker customers as it is 0.75% lower than the 2.75% floor which is stated in customers' mortgage conditions.
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