Existing Nationwide borrowers

Check our definition of an exisiting Nationwide borrower

If your client is an existing Nationwide mortgage customer and has a query regarding their mortgage, they can call us on 0800 30 20 11. Lines are open 8am-8pm Monday to Friday and 8am-5pm on Saturday.

Additionally, the sections below provide further information that you may find useful:


Porting

When an existing borrower moves home and redeems their existing mortgage, provided we are able to offer them a new loan, they can transfer their product for the remainder of its term to their new mortgage. This is known as porting.

Most of the mortgage products available through Nationwide, including the Base Mortgage Rate (BMR) and Standard Mortgage Rate (SMR), are portable. If a product is portable it will be stated in the original Mortgage Offer.

If your client is looking to port their product, they should be aware that:

  • Products can only be ported on home mover (purchase) or second property home mover applications
  • Any additional borrowing required over and above the ported balance must be from our current product range
  • They must be intending to be the owner-occupier in the new home (main residence) and not planning to let it out
  • We can’t accept purchase applications from existing borrowers moving home who intend to remortgage their existing property as a Buy to Let, unless the new lender will be The Mortgage Works. The existing Nationwide mortgage can’t be transferred to any other lender
  • In order to port a product, the existing account from which the product is being ported mustn’t have been redeemed.
  • Existing Nationwide borrowers who have an interest only/part & part mortgage and are moving home can keep the amount they have on their interest only mortgage if the existing product is ported. They must also ensure they have an acceptable mortgage repayment strategy in place.

At application stage, your client can also change the term of their mortgage when porting, if they wish to.

In most instances of a porting application, we expect the sale and purchase transactions to complete simultaneously. However, we understand that if there are delays in the completion of the purchase, then the situation is out of your client’s control. If your client finds they have to unexpectedly redeem their existing mortgage prior to completion of their new mortgage, we will either:

  • continue to process your client’s application if a mortgage offer has already been produced
  • OR
  • if a mortgage offer hasn’t yet been produced but redemption of the existing mortgage has taken place, we’ll cancel the application

    This means the porting facility will be lost and a new application must be submitted based on our current product range (this doesn’t guarantee acceptance of any future application)

Fees

Product and Booking fees, if applicable, aren’t payable on products being ported, but fees relevant to any new products taken as part of the new house purchase transaction will be payable.

Early Repayment Charges

Your client won’t have to pay the Early Repayment Charge (ERC) if:

  • they port the balance and terms of their product to the new loan for the remainder of the product deal period
  • the balance ported is equal to the remaining balance on the existing account (if they want to port part of their existing debt, an ERC will be payable on the balance that isn't ported)
  • They are within the last three months of their current product deal period, and are taking a new deal with Nationwide, or are porting and reducing their loan amount. Please refer to the applicant's original mortgage offer for when their deal period ends, please note we offer true term products. All our mortgage products are true term products.

    This means that if your client’s completion date is delayed, their mortgage will still run the full 2/3/5/10 year deal period. So, if your client completes on 7 August 2015 they will make 24/36/60/120 monthly payments and revert to our Standard Mortgage Rate on 1 September 2017/2018/2020/2025.

    NB: At the end of the fixed rate period your client will automatically move to our Standard Mortgage Rate (SMR). The SMR is currently 3.74% and has no upper limit or cap.

Where the ERC isn't payable, the solicitor will need to account for the ERC and redemption expenses from the sale, and deduct before sending the payment through to us.

How to submit a Porting Case

KFIs for ported cases can be produced via NFI Online. The KFI is produced as part of the product selection stage of the application.

Porting applications are submitted via NFI Online. Download our step by step keying guide for porting applications

There are a small number of Porting Exceptions which cannot be submitted via NFI Online, these are:

  • Porting a 25 year fixed rate
  • Porting an account with a future dated Product Switch
  • Porting if the mortgage term takes the applicant past 75 years old (like for like applications only)
  • Porting of 5 or more accounts with no additional borrowing
  • Porting of 4 or more accounts with further borrowing
  • Porting an account where the current mortgaged property is being let out
  • Porting of 3 or more applicants(like for like applications only)

To request a KFI for these exceptions, please complete the Manual KFI Porting Request form and follow the instructions on the form.

The full application will need to be posted to:

Nationwide Building Society (IPA)
Northampton Service Centre
Kings Park Road
Moulton Park
Northampton
NN3 6NW

Moving home, but not porting

An existing Nationwide mortgage borrower, who is moving to a new property, can redeem their current mortgage in favour of another Nationwide mortgage product. However, they’ll need to pay any ERC that applies to the current mortgage (unless they are within the last three months of their current product deal ERC period).

We can’t accept purchase applications from existing borrowers moving home who intend to remortgage their existing property as a Buy to Let, unless the new lender will be The Mortgage Works. The existing Nationwide mortgage can’t be transferred to any other lender.

Additional borrowing (Further Advances)

If your client has a Nationwide mortgage and wants to borrow more, they could:

  • Apply just six months after the completion of their main loan
  • Borrow from £5,000 up to 85% of the value of their home (including their current mortgage)
  • Borrow for any reason, except capital raising for business purposes or to purchase land or property to be let.

Your client will need to speak to Nationwide directly

Switching at deal maturity
Your client will need to speak with Nationwide directly, see our customer website for further details.
Switch and Fix

We understand that your client’s circumstances may change during the term of their mortgage deal. Also, the uncertainty over interest rates can inevitably cause concern for some clients.

For tracker mortgages reserved prior to 2 May 2014

  • Your client has the option to switch to a fixed rate from our Switch and Fix range at any point in the deal period, with no ERC (a product fee may apply).

For tracker mortgages reserved from 2 May 2014

  • As no ERC applies your client can switch to a new mortgage deal without incurring a penalty (a product fee may apply).
Borrow back

If your client has built up an overpayment reserve they may be able to borrow back any amount up to the limit of that reserve (for mortgages taken out prior to 4 March 2010).

More information for your client, including how to request to borrow back overpayments, is available on our customer website.

Terms and conditions apply.

Payment holidays

Your client may be able to take a payment holiday if they took their mortgage out prior to 4 March 2010.

Your clients can apply to take a payment holiday of between 1 to 12 months. To apply your client must have:

  • Held a Nationwide mortgage for more than one year
  • A mortgage that is less than 80% of the value of their home at the end of the payment holiday

More information for your client, including how to apply, is available on our customer website.

Payment difficulties

  • If your client is experiencing difficulties in meeting their mortgage repayments then a payment holiday may not be appropriate
  • Please ask them to contact us to discuss the options available to them:

Terms and conditions apply.

Borrowing in retirement

Borrowing in retirement allows borrowers who are already retired to take out a new mortgage with a term up to the eldest applicant’s 85th birthday, rather than our standard maximum age of 75.

Please see our borrowing in retirement page for more information.