MMR: Information on responsible lending

Responsible Lending

Nationwide remains committed to responsible lending and the new Mortgage Market Review (MMR) regulations will help us reinforce this commitment further.


From 14 April, we'll be asking you a few additional questions when you submit your client's application. The questions will be built into NFI Online and NFI MTE and will fit naturally into our existing application process.


You may also be asked to provide a small number of additional proofs. The proofs will support our existing commitment to evidence income and again NFI Online and NFI MTE will tell you exactly what we'll need when you key your Decision in Principle (DIP).


These changes are very much about evolution and not revolution. We're confident the information we ask for should be readily available from your client and will have a minimal impact on case submission and processing times.

What's changing?

Application questions

From 14 April, a few of the questions in NFI Online and NFI MTE will change, and there will also be some new ones. The key additional questions at DIP and Full Mortgage Application will be:

  • Where your client has dependent children, we'll be asking for details of their ages and for information on childcare costs.
  • If your client has been in their current job for less than 2 months, we'll ask for the details of their previous employer.
  • In the monthly outgoings section, we'll ask you to provide a figure for any regular travel costs.

Proofs

You may find that from 14 April, you'll see an increase in how often NFI Online and NFI MTE ask you to provide bank statements.


And where your client is relying on bonus, overtime or commission income to support their borrowing, we'll ask for the following:

  • Where bonus, overtime or commission is received monthly or quarterly, we'll need 3 payslips that evidence this.
  • Where bonus or commission is received annually, we'll need to see the last 2 annual payslips.
  • We'll also ask for proof of your client's deposit from savings, if it exceeds £20,000.

On your side with MMR

To help you prepare for the changes, we'll continue to keep you fully up to date on our MMR approach.

We've created adedicated MMR page on our NFI website where we've posted all our latest updates, so you have all the information you need in one place.

In the meantime, if there's anything else we can do to support you, please contact yourlocal BDM or Regional Sales Support team.