Your existing Nationwide clients may be able to get a better mortgage deal by staying with us. This page has all the information you need to help them do that, including porting, switching and overpayments.
Information:
Here at Nationwide we define an 'Existing Nationwide Borrower Moving Home' as:
We define an 'Existing Nationwide Borrower Moving Home and Porting' as:
Complete a rate switch application and check the switcher cut off dates.
Read all about how to submit a porting case, including key criteria and fees.
Does your client with an existing mortgage need to borrow more?
We're here to help your existing Nationwide clients get moving.
We can help your clients make their homes more energy efficient.
Read more about overpayments reserves and borrow back.
An existing Nationwide mortgage borrower, who is moving to a new property, can redeem their current mortgage in favour of another Nationwide mortgage product. They need to pay any Early Repayment Charges (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.
To request a permission to let form, your client can call the Mortgage Servicing team on 0345 730 20 11.
A 0.5% loading will be added to their existing interest rate where they're on a fixed or tracker rate product.
Where Consent to Let has been approved, your client won't be able to:
If your client has an application in progress to let the property, we won't consent until it has completed. This applies to the following applications:
Applications that do progress might show incorrect information such as in the rate, total amount payable or monthly payment, as we will apply the loading rate separately.
If your client(s) is an existing Nationwide mortgage customer moving home, we'll consider their application on a 'Like for Like' basis where:
On Like for Like applications we'll require you to provide all generated proofs. This includes Proof of Income.
If your client(s) mortgage is on Interest only and meets the above criteria (but fails affordability assessment), you must manually appeal these cases. You can do this through your BDM. They will then send your appeal to our underwriting team to review.
We'll require 3 months bank statements. This is in addition to the documents automatically requested when you submit an application.
Your clients can check their own mortgage information, such as current house value, redemption figure and ERCs through Mortgage Manager. They can access this service through our internet bank or banking app.
Use our online product finder to get the right mortgage product for your clients.
Go to our product finder
