Nationwide is committed to being a responsible lender who acts in the best interests of your clients. This means we have a responsibility to be open and honest, and to treat your clients fairly. These commitments underpin everything we do and the way we lend money is no exception.
Our Responsible Lending customer commitments are described below. These explain what your client can expect from Nationwide when applying for a mortgage with us or when they request a variation to an existing mortgage.
What you can expect from us as a responsible lender when applying for a mortgage:
- Products designed to meet their needs which we will promote in a balanced way, showing the risks as well as the benefits
- Clear information on the cost of borrowing, any fees and charges that apply and our terms and conditions.
- A robust assessment of their ability to make regular payments and to repay the loan, based on their current circumstances and allowing for any known or foreseeable changes.
- The use of credit scoring for all new lending to ensure a fair and consistent approach to deciding whether we will lend, underpinned by an underwriter assessment if appropriate.
- Reasonable notice of interest rate and payment changes affecting them.
- Under strict controls we may share data with other lenders to improve the quality of our decisions, to reduce the risk of your clients becoming over-committed and to prevent financial crime.
- Personal information is treated confidentially and in accordance with Data Protection legislation.
- Prompt and professional handling of any queries or complaints they may have.
- Considerate treatment in the event of financial difficulties or arrears.
In return, what we ask of you:
- Provide accurate and complete information on their application, particularly with reference to any information that may impact our assessment of affordability.
- Regularly assess their borrowing and other financial commitments and contact us as soon as possible if they are experiencing, or expect to experience, any financial difficulties.
- Read and understand the terms and conditions on which the money is borrowed, seeking further information and help if needed.
- Ensure they are comfortable with the level of borrowing requested (up to the maximum we will lend based on our own assessment).
- Ensure they have the means to repay the loan at the end of the agreed term if any borrowing is on an Interest Only basis.