Reviewed: Nationwide Mortgages | moneyfacts.co.uk

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Published: 28/03/2022

Looking for a new mortgage? Nationwide Building Society should probably be on your radar. Consistently voted as one of the best mortgage providers at the annual Moneyfacts Consumer Awards, Nationwide has a lot to offer borrowers, but just what can you expect from Nationwide mortgages? Here’s everything you need to know.

Who owns Nationwide?

As a UK-based building society, Nationwide is wholly owned by its members – that is, its mortgage, savings and banking customers. It’s entirely run for their benefit and that of their communities, rather than shareholders, with 1% of all pre-tax profits going to charity.

What mortgages do Nationwide offer?

Nationwide offers a range of fixed and tracker rate mortgages to first-time buyers, homemovers and remortgagors, with initial terms of between two and 10 years at loan-to-values (LTVs) of up to 95%. Lifetime mortgages are also available, and landlords are catered to through Nationwide’s specialist lender The Mortgage Works.

First-time buyers can benefit from additional support too, with the lender offering Helping Hand mortgages – which could increase the amount you’re able to borrow – as well as supporting Government-backed schemes such as Help to Buy.

Plus, borrowers who buy greener homes may be able to get additional cashback through the Green Rewards scheme, and current customers who want to borrow more to make their homes more energy-efficient could get a lower interest rate with a Green Additional Borrowing mortgage.

What are their rates like?

As with all mortgages, the rate you’ll be offered will depend on factors including your credit score, income, property value, deposit and resulting LTV, though Nationwide is known for offering competitive deals that come with a range of perks including cashback or free legal fees.

What about fees?

Nationwide mortgages come with a typical product fee of around £999, though you may be able to find fee-free versions with a slightly higher interest rate. There may be additional fees to pay as well, such as homebuyers’ fees, while valuation fees are normally included as an incentive.

How much can I borrow?

The building society doesn’t specify what multiple of income you can borrow, but first-time buyers using a Helping Hand mortgage may be able to borrow a higher percentage. How much you can borrow will depend on your credit score and overall affordability profile; a mortgage calculator can give you a rough idea, but it’s worth approaching Nationwide for a more accurate estimate.  

Is Nationwide hard to get a mortgage with?

Nationwide has relatively strict lending criteria and as such those with a poor credit history or non-standard circumstances may find it more difficult to be approved. Newly self-employed applicants may find it especially tricky and income requirements can be strict as well, with bonuses and commission income tightly controlled. If you think you’ll face difficulty, make sure to work on fixing your credit score before applying

What is the maximum age for a mortgage with Nationwide?

For new borrowers, Nationwide expects all mortgages to be repaid on or before the applicant’s 75th birthday (this applies to the eldest applicant in the case of joint mortgages). Things can be more lenient for current borrowers.

How long does it take for Nationwide mortgages to be approved?

Approval times can vary depending on the building society’s case load, though at the time of writing it take an average of 13 working days (around 3 weeks) from initial application to offer. Offers for house purchase and remortgaging are then valid for 180 days (six months), while rate switch offers are valid for 45 days and further advance offers are valid for 90 days. There's a 15-day grace period from the date of expiry, and in the case of new build where the property isn't complete, the offer can be extended for another 45 days (subject to criteria and eligibility).

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Nationwide Building Society branch high street lender

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