Information:
For features and benefits of remortgage you can share with your clients, see our remortgage product page.Remortgage criteria
Let properties
Nationwide does not remortgage properties that are let.
For let properties, visit The Mortgage Works, Nationwide’s specialist lender, to see their current range of Buy to Let remortgage deals.
Remortgage tolerance
If the new loan is not enough to repay the existing mortgage, a 'tolerance' of up to £500 can be requested by the conveyancer for this purpose only.
The remortgage offer will include a condition instructing the conveyancer how this tolerance can be used. Where the tolerance is used:
- The case will not need to be reprocessed.
- A new offer will not need to be issued.
- The case will not be declined if the maximum affordability or LTV limit is breached.
If the conveyancer requests more than £500, the loan amount will have to be increased, the application reprocessed and a revised offer issued.
Remortgage with no additional borrowing
This refers to clients who have no more than one mortgaged property and are looking to remortgage to Nationwide with no additional borrowing.
The loan amount requested must be less than or equal to the outstanding mortgage balance with the current lender. The product fee can also be added if there is one.
Maximum remortgage LTVs
| Application type | Maximum LTV | |||
|---|---|---|---|---|
| Like for like | 95% | |||
| With additional borrowing | 90% | |||
| With repayment of a Help to Buy equity loan | 90% | |||
| Part and part | 85% | |||
| With additional background properties | 85% | |||
| With debt consolidation of paying off a second charge, including non-Help to Buy equity loans | 80% | |||
| Interest only | 75% | |||
For more information and property type restrictions, see our LTV criteria.