News 2011
House prices declined by 0.2% in December, but increased by 1% in 2011 as a whole; with the price of a typical home now at £163,822. London saw the strongest growth in 2011, but there was less regional variation in house prices compared with previous years.
With effect from Wednesday 30 November 2011, we'll be making some changes to our product range, including our 2 and 3 year fixed and tracker rates at 70% LTV will be increased by up to 0.10%, with 5 year fixed rates between 70% and 85% LTV reduced by 0.10% and 2 year tracker rates above 70% LTV reduced by 0.05%. All rates above 85% LTV will remain the same.
Ian Andrew, Managing Director of Intermediary Sales, and Andrew Baddeley-Chappell, Head of Mortgage Strategy & Policy at Nationwide, feature in this month's economic tracker. Ian and Andrew give their thoughts on 90% products and the range of options available to first time buyers.
We are delighted to be attending Mortgage Business Expo London on 16th and 17th November at Olympia 2 - there's still time to register so book your free place today. Keep an eye out for our prize draw flyers and visit us on stand F14 for your chance to win an iPad 2!
At NFI service is our priority, which is why we're working hard to continually improve it, and last month we took an average of 3 days from instructing a valuation to it being received. You can see the rest of last month's service levels by clicking the link below.
UK house prices changed little in October, increasing by 0.4% lifting annual house price growth into positive territory for the first time in six months, with the price of a typical home now 0.8% higher than in October 2010.
From 7 November 2011, we will change the way we value new build houses and flats. New build houses and flats are currently valued on a resale basis; we're changing our policy to value new build houses and flats on an 'as new' basis.
Ian Andrew, Head of Intermediary Sales and Martyn Dyson, Head of Mortgages, discuss product innovation in this week's Mortgage Strategy. The industry experts discuss the complex schemes available in the current market and how more diverse products can help home buyers.
With effect from 19 October 2011 clients will only need to provide one piece of photographic ID to prove their identity. We're making this change in accordance with UK Money Laundering regulations and it will only apply to clients who do not automatically pass the electronic ID verification in NFI Online or those submitting paper based applications.
Nationwide Education, our charitable foundation, have developed an independent and interactive guide for First Time Buyers. Because we're on your side, we would like to share this guide with you and if you find it useful you can share it with your clients.
UK house prices changed little in September with a 0.1% increase making the price of a typical home in September 0.3% lower than one year ago. Further information and a regional breakdown can be found by downloading the full report.
With effect from 16 September 2011 we will no longer accept applications for loans with a business purpose, or including business purposes as part of a multiple loan type application. This applies to further advances, remortgages with additional borrowing and capital raising on a mortgage-free property.
As part of our commitment to first time buyers, we will be accepting applications submitted under the FirstBuy scheme on all of our standard mortgage products from today. We have also updated our equity share affordability criteria.
We're pleased to announce that with effect from 1 September 2011 we'll be making reductions of 0.10% to our 5 year fixed rate products. To see the full range, please download our updated product guide.
We wanted to share a few of our latest top tips on submitting applications for shared ownership, or involving dependents, to help process your client's case swiftly. If you need further help then please see the FAQ page, or download our help guides.
We're pleased to announce that with effect from 10 August 2011 we'll be making reductions of up to 0.50% to our 2 and 3 year fixed rate products. To see the full range, please download our updated guide.
We know that the time taken to answer your calls is important. With some lenders taking over 5 minutes to answer calls in their Service Centre, we're pleased to let you know that our team is currently answering them in an average of 35 seconds.
Ian Andrew, Head of Intermediary Sales and Robert Gardner, Nationwide's Chief Economist feature in Mortgage Strategy this week. In July's economic tracker, Ian talks about the eventual base rate rise and its effects on the market, and Robert discusses the differences in regional house prices.
With effect from 1 July 2011 we'll be making changes to our product range including: 5 year fixed rates now from 3.89%, rate reductions of up to 0.65% across the range, withdrawal of the £500 home buyer product fee discount and the introduction of £500 product fee discount for First Time Buyers on selected products.
With effect from 1 July 2011, the way we assess self employed income will change. We will assess self employed applicants' incomes by using the lower of the last 12 months income or the average of the last 2 years income. Please ensure you enter the lower income figure when submitting cases.
We wanted to let you know that our legacy eServices platform will be closed for new business from 30 June 2011. You'll still be able to view and progress your pipeline cases and produce KFIs for paper exception cases, but all new business will need to be submitted through NFI Online from 30 June 2011.
At Nationwide For Intermediaries we're proud to have been awarded five stars in the FT Adviser Online Service Awards. Because of our commitment to intermediaries, we hope to build on the success of NFI Online by continuing to listen to your feedback. Thank you for supporting NFI.
We are pleased to announce that with effect from tomorrow, 3 June 2011, we'll be reducing our 2 year fixed rates at 50% LTV by 0.15% in our House Purchase and Remortgage ranges. To see the full details of our range, please follow the link below to download our product guide.
From 22 May, the maximum LTV for non-home improvement loans will be 80%. These changes apply to further advances, remortgages with additional borrowing and capital raising on a mortgage free property. The maximum LTV limit for all other application types remains unchanged.
We are pleased to announce that with effect from tomorrow, 17 May, we'll be reducing 2 and 3 year tracker rates by 0.20% in our House Purchase and Remortgage ranges. You can reserve products through NFI Online or via MTE until 5pm on Monday 16 May 2011.
House prices fell by 0.2% in April with the price of a typical home in April 1.3% lower than one year ago. For further information and a regional breakdown please download the full report by following the link below.
We're delighted to announce that with effect from tomorrow, 15 April, we'll be reducing all 3 year fixed rates by 0.20%. This change includes 3 year fixed rates in our House Purchase, Remortgage and Additional Borrowing ranges. You can reserve products through NFI Online or via MTE until 5pm on Thursday 14 April 2011.
House prices increased by 0.5% in March, on the three month on three month measure, prices rose by 0.6% leaving prices 0.1% higher than one year ago. For further information and to download the full report follow the link below.
At Nationwide For Intermediaries, the service we offer to intermediaries is our priority. As a result of our commitment, the average time from application to offer has been reduced to 14 days.
House prices increased by 0.3% in February, however prices now 0.1% lower than one year ago. Follow the link below for more information and to download the full report.
With effect from Thursday, 17 February 2011, we'll be increasing our interest rates as follows: All 2 year fixed rates increased by 0.30% with all 3 year fixed rates increased by 0.20%.
We're pleased to announce that from today, our telephone opening hours will be extended to 6pm. Don't forget you can also contact your BDM, or visit our website.
With effect from 1 February 2011 we'll be making changes to our product range, including: new 3 and 5 year fixed rates and 3 year tracker rates for house purchase with no product fees, and rate reductions for purchase and remortgage trackers up to 75% LTV.
Please be advised that we have updated our paper application forms from January 2011. Please ensure that you use the latest forms for any paper applications you submit, with immediate effect. Please be aware that any outdated forms we receive after 14 January 2011 will be returned to you.
UK house prices continue to creep up in November, increasing by 0.4%, leaving the price of a typical home at 1.6% higher than one year ago. You can read the full report and watch the video by following the link below.
In the latest Mortgage Solutions video debate, a panel of industry experts including Ian Andrew, Nationwide's Managing Director of Group Intermediary Sales, discuss the future of distribution. The panelists discuss whether procuration fees will rise again, the prospect for the industry as consolidation continues and much more.
We are incredibly proud to have been awarded our third Financial Adviser Five Star Service Award, but we couldn't have done it without you. Thanks to your continued support and valuable feedback, we will continue to find new and improved ways to help make things easier for you and your clients.
With effect from Wednesday 16 November 2011, we'll be revising our product range. Products from the new range will include 3 year fixed from 3.09% up to 70% LTV, 5 year fixed from 4.49% up to 85% LTV and 2 year trackers from 2.64% up to 70% LTV. To see the full range please download our updated product guide.
We are delighted to announce that with effect from Friday 11 November, we will be launching 3 and 5 year fixed rate products available at 90% LTV for house purchase and first time buyers.
In October's economic tracker Ian Andrew, Head of Intermediary Sales and Martyn Dyson, Head of Mortgages, give their views on what clients can do to take advantage of the current market and ask could your client remortgage or expand their property?
Following the successful launch of NFI Online and MTE, we've created a single page where you can find all the tools you need to process a paper exception case. Visit our improved paper exception page to check a client's affordability, produce a KFI and track case progress.
With effect from Wednesday 26 October 2011, our entire product range will be repriced, changes include: 85% LTV rates reduced by up to 0.30%, 5 year fixed rates now available from 3.59% at 70% LTV and 2 year tracker rates up to 70% LTV will be increased by 0.10%.
Service is our priority. That's why we're on your side. In September the average time to answer your calls in our Service Centre was reduced to an average of 16 seconds.
Paul Howard Head of Corporate Accounts, Ian Andrew Head of Intermediary Sales and Iain Laing Chief Risk Officer, host a new build debate in this week's Mortgage Strategy. The industry experts discuss how many lenders are active in the market and whether new build properties are out of reach for first time buyers.
In September's economic tracker Robert Gardner, Chief Economist at Nationwide and Andrew Baddeley-Chappell, Head of Mortgage Strategy & Policy talk about hope for first time buyers.
With effect from Friday 9 September 2011, we'll be making some important changes to our product range, including introducing a new £0 fee product range designed specifically for smaller loans (a non-refundable booking fee applies) for existing customers looking to borrow between £5,000 and £24,999
Our latest figures show that house prices declined by 0.6% in August with the price of a typical home now 0.4% lower than one year ago. Follow the link below to see the figures in full and comments from Robert Gardner, Nationwide's Chief Economist.
We wanted to let you know that we've updated our application forms to make sure that we get all the necessary information we need to process your client's case as quickly as possible. Cases submitted on the existing application forms must be received by 30 August 2011.
Ian Andrew, Head of Intermediary Sales and Paul Howard, Head of Corporate Accounts feature in Mortgage Strategy this week. In August's economic tracker, Ian and Paul talk about the mortgage market four years on from the credit crunch and how the house purchase market can be stimulated.
We're pleased to announce that with effect from 2 August 2011 we'll be making reductions of up to 0.15% to our product range.
With effect from 21 July 2011 we'll be making the following changes to our product range: 3 year fixed rates from 3.39% and rate reductions of up to 0.30% across the range, including house purchase, remortgage and further advance, in addition First Time Buyers can get a £500 discount on £900 product fees.
As a result of changes to Government immigration rules, we have reviewed our policy and made a number of changes with effect from 13 July 2011 for applications from non-EEA foreign nationals who do not have indefinite leave to remain in the UK. You can see the key changes by clicking the link below.
Stability remained the theme in June, with house prices flat over the month and the price of a typical home at 1.1% lower than one year ago. Demand remains subdued, but so does supply.
With effect from Tuesday 28 June 2011, we'll be making some changes to our lending criteria. Applicants' deposits must come from their own resources, or be a gift. We have also made some changes to Equity Shareholder criteria. You can reserve products under current criteria until 5pm Monday 27 June 2011.
Ian Andrew, Head of Intermediary Sales and Andrew Baddeley-Chappell, Head of Mortgage Strategy and Policy for Nationwide feature in Mortgage Strategy this week. In June's economic tracker, Ian talks about the importance of intermediaries in the mortgage market, and Andrew discusses regulatory drag.
Andrew Baddeley-Chappell, Head of Mortgage Strategy and Policy for Nationwide, has blogged about current competition in the Buy to Let market on FTAdviser.com. For more details and to read the full article simply click on the link below.
House prices rose by 0.3% in May and on the three month on three month measure, prices rose by 0.6%. The price of a typical home in May is 1.2% lower than one year ago. Overall, the modest pace of house price growth in May suggests that the property market is continuing to mirror the lacklustre trends evident in the wider economy.
We are pleased to announce that with effect from tomorrow, 20 May, we'll be reducing our 2, 3 and 5 year fixed rates by up to 0.30% in our House Purchase and Remortgage ranges. You can reserve products through NFI Online or via MTE until 5pm today, 19 May 2011.
With effect from tomorrow, 6 May, we'll be extending our £500 discount on product fees, currently only available to First Time Buyers, to all House Purchase customers. We will also be revising our range of products up to 95% LTV for existing customers.
With effect from tomorrow, 21 April, we will be revising our valuation fee structure for valuation and homebuyer report fees. Follow the link below to download our updated product guide for more details.
With effect from 6 April 2011, we will be amending our criteria for all new lending. Interest Only and Part Repayment applications will be limited to a maximum LTV of 75%, applications which exceed 75% LTV will only be considered on a Repayment basis. There are no further changes to our rates or products.
We are pleased to announce that with effect from tomorrow, 30 March, we'll be increasing our lending limits for cases up to 75% LTV. Our maximum loan size will be increased to £2m We also will consider lending over £2m for cases up to 70% LTV subject to individual assessment. Limits above £1m will only apply to zero product fee options. In addition, we will be repricing our tracker product range.
We are pleased to announce that with effect from tomorrow, 17 March, we'll be updating our product range.
From Tuesday, 22 February 2011, we'll be increasing our interest rates across all fixed rate products by 0.30%. You can reserve products through NFI Online or via MTE until 5pm on Monday 21 February 2011. Paper applications for the current products must reach the Service Centres by 5pm.
We're delighted to announce that we've launched a brand new product finder on our website. Designed following your feedback. We hope you'll find our new product finder intuitive and easy to use, but if you'd like to walk through the features we've put together a short guide.
House prices fell marginally by 0.1% in January with prices now 1.1% lower than a year earlier. For more details, and to download the full HPI report, follow the link below.
At Nationwide For Intermediaries, our focus is you and our recent service levels have not met the standard you have come to expect from Nationwide. We are working hard to put this right and improve our service to you for 2011.
As a result of the VAT increase in January, we'll be making changes to our valuation fee scale with effect from 4 January 2011. You can view our revised valuation fees by downloading our updated product guide today.
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