FAQs

Last updated: 17 August 2016


We want you to be able to use our services quickly and easily, so that’s why we regularly update our FAQs to answer any questions that may arise.

Our current most popular questions

When will the first payment be, and how will the interest be calculated?

About 10 days after your client moves in, we’ll send them a letter letting them know how much the first mortgage payment will be and when it’ll be taken from their account.

The first payment will generally be more than their normal monthly payment. This is because it’ll include interest for the days between the date they moved in and the end of that month, plus their standard monthly payment for the month after.

For example, if your client moves in on 11 January, their first mortgage payment in February will include interest for 11-31 January as well as the standard mortgage payment for February.

What income and related proofs are required for self-employed applicants?

Your client will need to provide details for a minimum trading period of two years, which has been verified by an Accountant’s Certificate. The latest year end can’t be more than 18 months ago.

We will request the Accountant’s Certificate, which must be prepared and signed by a professionally qualified Associate or Fellow from our listed acceptable bodies. If this isn’t done, we won’t accept it and instead we’ll use the corresponding years’ Tax Assessment forms issued by HMRC (SA302).

What income proofs are required for employed applicants?

If your client’s on a permanent contract with a basic salary only, we’ll just need to see their most recent payslip.

If we’re using their basic salary plus bonus/overtime/commission, the proofs required will vary depending on how often they receive payment. For full details please read our income criteria.

What benefits are accepted?
  • Child Benefit
  • Working and Child Tax Credits
  • Pension Credits
  • Incapacity Benefit
  • Employment and Support Allowance – support group only
  • Disability Living Allowance (DLA) for a person aged 16 or over
  • Carers/Attendance Allowance
  • Personal Independence Payment (PIP)
  • Industrial Injuries Disablement Benefit
  • War Disablement Pension
  • Armed Forces Compensation Scheme
  • Widowed Parents Allowance (only where at least one child is aged 11 or under)

Applications where income is made up primarily of benefits and maintenance are likely to be declined.

You can find full details on the benefits we accept on our income criteria page.

How do you treat additional properties owned by the applicant?

If your client will own more than one property on completion of a new loan, the maximum LTV on their new property will be 85%.

Purchase applications for these clients should be keyed as a Second Property, even if the property being purchased will be your client’s main residence.

When considering affordability, we’ll take into account the outstanding balance of any mortgages that are continuing, unless they are let and satisfy our Additional Properties criteria.

My client wants to port their mortgage. What's the process?

You can read about the porting process on our Existing Nationwide Borrowers page.

My client receives their income in a foreign currency. Are they still able to apply for a mortgage?

Income paid in a foreign currency isn’t acceptable for the following new lending applications:

  • Purchases (including second property types)
  • Remortgages
  • Further advances
  • Porting with additional borrowing

Where a client is looking to complete a combination of transactions, such as a term change and additional borrowing, then foreign currency income can’t be used.

Applications using foreign currency income without new lending

  • For existing Nationwide customers moving home, where no new lending is required, foreign currency income can be considered. This includes clients porting without additional borrowing.
  • For existing Nationwide customers looking to change their term or repayment type, foreign currency income can be considered.
  • If there’s no affordability assessment required, such as switching rates at deal end, we won’t need to look at income and therefore foreign currency income won’t need to be considered.
What's your policy on lending into retirement?

The maximum retirement age is 70. The mortgage term mustn’t extend beyond the 75th birthday of the eldest applicant, unless you meet our criteria for borrowing in retirement. See our borrowing in retirement page for details of borrowing up to the age of 85

If the mortgage term extends into retirement, depending on the current age of the applicant, the following criteria will apply:

Retirement is less than 10 years away

  • The details of both the current income and anticipated retirement income must be provided
  • The lower of the current income or anticipated retirement income will be used for affordability purposes

Retirement is 10 years or more away

  • The current income will be used for affordability purposes
  • Evidence of the existence of a current and/or past pension (other than State Pension) e.g. payslip showing a pension deduction or a pension payment on a bank statement or a pension statement.
How can I save my client’s affordability calculator results?

To save your clients results, follow the steps below:

1. Fill in the calculator as normal.
2. On the results page press ‘Print’.
3. You should then see a Print Options screen that asks you to ‘select printer’. Scroll until you find any of the following options:

  • Adobe PDF
  • Microsoft XPS Document Writer
  • PDF Creator (you can download a free version of PDF Creator here).

4. Select one of the options above, then press ‘print’.
5. After a few moments, a window should pop up asking you to ‘Save File As’. Choose your destination folder as normal and press ‘save’. Your client’s results should now be saved.

Our FAQs

Click on a category below to find a list of frequently asked questions and answers:

We hope we’ve covered most of the common questions, but if you’re still unsure about something, you can speak to Dedicated Broker Support through instant message.