Nationwide

Notes: The following information is provided by a third party organisation. We have not verified this information with the lender. Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

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Up to £750,000 85% LTV


Notes
Mortgage is Portable, Mortgage is Flexible, Under payments allowed., Overpayments allowed.
If you move house and the lender is able to offer you a new loan, you can keep this mortgage product and you will not have to pay an early repayment charge if you transfer the balance and the terms of this product to the new loan for the remainder of the Fee Period.
This product may not be available for any additional borrowing above the balance transferred when completing your new mortgage. This does not guarantee acceptance of any future loan application.
Interest Only mortgages will only be available for those applicants who have a 75% LTV or lower.

Please check Nationwide’s website for further criteria information regarding the Loan to Value


Shared Ownership/ Shared Equity: subject to maximum LTV of product

Fast Track
Applications where one or more of the applicants are self employed will not be Fast Tracked.
Applications will only be considered for Fast Track up to and including 75% LTV.


An 'overpayment' is any payment in addition to the normal monthly payment as quoted in section 6 above.
Payments of capital included in your overpayments will reduce the amount on which we charge interest from the day after payment.
If you make an overpayment of more than £500 in any calendar month, including repayment of any fees added to the loan, within the Benefit Period you will be charged an Early Repayment Charge, calculated on the entire overpayment amount, as shown in section 10 above.
There are no restrictions to making overpayments after the product Benefit Period has ended

We will allow you to pay reduced monthly payments at any time up to the value of any credit balance you have previously built up, provided all of your accounts are up to date. You must obtain our agreement to this prior to reducing your monthly payments.
Interest will not be charged on the increased balance arising from underpayments until the next capitalisation of the account.
The above are additional features of your mortgage product. If you switch to a new product in the future, these additional features may no longer be available:

This mortgage is available up to a maximum of 50% of the property's valuation.

Capital Rest Period : Daily

Repayment Types

Repayment Yes
Endowment 75% LTV
PEP 75% LTV
Pension 75% LTV
Interest only (no RV) No
With Profits 75% LTV
Unit Linked 75% LTV
ISA 75% LTV
Split Repayment Yes

Fees

Arrangement : Varies Can be Added
Booking : varies Upfront

Early Repayment Charges
Varies

Higher Lending
None

Valuation
Basic:
upto £50,000 - £180
upto £100,000 - £210
upto £150,000 - £225
upto £200,000 - £255
upto £250,000 - £290
upto £300,000 - £340
upto £350,000 - £360
upto £400,000 - £390
upto £450,000 - £420
upto £500,000 - £450
upto £600,000 - £505
upto £700,000 - £570
upto £800,000 - £625
upto £900,000 - £680
upto £1,000,000 - £735
upto £1,500,000 - £835
upto £2,000,000 - £990
upto £2,500,000 - £1150
upto £3,000,000 - £1335

Homebuyers:

upto £50,000 - £320
upto £100,000 - £375
upto £150,000 - £415
upto £200,000 - £470
upto £250,000 - £525
upto £300,000 - £590
upto £350,000 - £645
upto £400,000 - £700
upto £450,000 - £745
upto £500,000 - £785
upto £600,000 - £840
upto £700,000 - £870
upto £800,000 - £915
upto £900,000 - £965
upto £1,000,000 - £1040

The 'Booking fee' is a non-refundable fee that is payable at the product reservation stage. This fee cannot be added to the mortgage balance.

The 'Reservation/Arrangement fee' is a refundable fee that is payable at the product reservation stage, however this fee can be added to the mortgage balance.



Lender Conveyancing Fee - £129.75 Payable on completion. The figure quoted here is an estimate - the total fee for conveyancing may be higher. Fee payable to your conveyancer.
Redemption Charge - £90.00 Payable on early redemption. A non-refundable administration fee may be payable to Nationwide when you repay the mortgage. This fee will not be payable if, at any time of this mortgage, you take out a new Nationwide mortgage or you have 10 years or less remaining of the original term of this mortgage.
Added Mortgage Fees - £0.00 Payable upfront. Nationwide Building Society reserves the right to collect from you any fees you have opted to add to the loan if the mortgage does not complete or if you change products.

Acceptable Property Types

 
Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Refer
Maisonette Yes
Studio Flat Yes
Flying Freehold Refer
Thatched Yes
Timber Framed Refer
Concrete Refer
Agricultural Tie No
Flat Over 4 Storeys Refer
Listed Building No

Max Discount% 100
Max Market Value% 95
New Build acceptable.
Purchase of a second property limited to 85% LTV.
Properties with more than 8 bedrooms, 2 kitchens and 5 bathrooms, should be referred to lender.
Flats in blocks with lift of more than 5 storeys, should be referred to lender.
Properties over £1M refer to Lender.
Remaining lease details
England and Wales
Flats and Houses - Unexpired term after mortgage term ends - minimum 30 years.
Northern Ireland
Flats and Houses - Unexpired term after mortgage term ends - minimum 50 years.
Scotland
Flats - Unexpired term after mortgage term ends - minimum 50 years.
Houses - Refer
The maximum loan to value (LTV) on New Build flats is 75%
The maximum LTV on New Build houses is 90%
Remortgage* applications on partially built properties, partially completed barn conversions or building plots are not accepted. (*Remortgages include capital raising on a mortgage free self build/conversion/plot.)

Accepted Locations : England, Scotland, Wales, N Ireland
Shared ownership : Accepted

Requirements

Bank Statements No
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency No
Life Policy To Be Assigned No
Previous Lender References Yes

Insurance
Buildings Conditional

Conditions On Loan
Min Loan £1
Max Loan £1,000,000
Max Portfolio of BTL Loans none
Min Age 18 years
Max Age 75 years
Min Term 1 years
Max Term 40 years
For interest only or part interest only mortgages intermediaries will need to provide full details of the mortgage repayment vehicles in the appropriate section on the application form.
If this information is not provided an offer will not be issued.

Bank statements may be required, refer to Lender.
Only an accountant's certificate required for all loans up to £500k for Self Employed applicants.
Last P60 and last payslip. Alternatively employer's reference from current employer. If Self-Employed: up to £500k - accountant's certificate; over £500k - 2 years' accounts and 6 months' business and personal bank statements also required. Refer to Lender.
Last annual mortgage statement or landlord's reference covering 12 months - refer to lender.
Foreign citizens require indefinite leave to remain in U.K - refer to Lender.
CCA regulated loans limited to 85% LTV.
Self Build - Please refer to lender for conditions.

The LTV calculation for products and credit scoring on all equity share applications will be based on the full price or value of the property and not the reduced price being paid by the applicants. We will not lend more than the reduced price.
The limit for builders equity shares is 25%.
Shared Ownership - The valuation should be based on the full price of the property not the price of the share being purchased.
LTV for products are based on the price of the share.
Right To Buy - The valuation fee should be based on the District Valuer's valuation as quoted on the Notice of Purchase Price or Offer To Sell (Scotland.)
For underwriting queries please take a look at the Nationwide website A - Z lending criteria or contact your designated service centre. Contact details for all service centres can also be found on the Nationwide website http://www.nationwide-intermediary.co.uk.
Life policy is required but lender will accept details verbally.
Proof of residency - No (Non-UK or European Economic Area (EEA) citizens
require indefinite leave to remain in the UK.)
For Further Advance products subsequent additional borrowing applications cannot be accepted where the mortgaged property is being let out.

Foreign Citizens Refer
Ex-Patriates Refer

Income Multipliers

Based on Income > 0
5 + 0 or 5 joint

Min months in current position none
Min months in continuous service none
Min no. of years accounts 2
Average years taken to calculate income 1
Will consider declining profit Yes

Outgoings

Self employed capped to a maximum income multiple of 4 times

For Sole traders and partnerships use the lower of the last 12 months Net profit figure (or share of Net profit figure if a partnership) or the average of the last 2 years Net profit figure, as confirmed by the Accountant's Certificate.

For Directors/Shareholders of Limited Companies use the lower of the last 12 months relevant director's remuneration and any share of dividends or the average of the last 2 years relevant directors’ remuneration and any share of dividends, as confirmed by the Accountant's Certificate.

NB - only treat Directors/Shareholders of Limited Companies as self employed where they have more than a 20% share holding in the business they work for.

Lending based on affordability - please refer to Nationwide website www.nationwide-intermediary.co.uk for affordability calculator

Shared Ownership: Maximum LTV is 85% of the applicants initial share (Existing Nationwide borrowers is 95%). The minimum initial share required is 25%.
Income from a second job can be used if employment is over 6 months.
Only 50% of overtime/commission will be accepted.

Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft Taken into account
Credit/Store Cards Taken into account
Child Maintenance NOT Taken into account
Child Education Taken into account
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 50% to income before multiply
Other Income - Irregular No
Investment Income Add 25% to income before multiply
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 100% to income before multiply
Non Contributory Pension No
Car Allowance Add 100% to income before multiply

Remortgage Max LTV Max% increase

Adverse Credit

CCJs : Refer to lender
Defaults : Refer to lender
Arrears : Refer to lender max months 3
Bankrupt : Acceptable, min months Discharged 36
Current IVA : Not Acceptable
Repossession : Refer to lender

An application may be referred if either applicant has exceeded 3 months
arrears in the last 3 years.
Credit reference must cover all addresses for all parties for the last three years.
Normally the applicant should have no CCJs although one satisfied CCJ under £250 can be accepted (Scotland: Sheriff's Court Decree).
- The Lender will judge customers with previous or existing adverse credit in a flexible manner and every case will be judged on its individual merits, along with the customer's ability to keep up repayments on the mortgage, taking into account his/her existing liabilities.
- The Lender will consider cases of financial difficulty and mortgage arrears sympathetically.
- The general principles of the Council of Mortgage Lenders' Statement of Practice on Handling Arrears and Possessions, including :
a) with your co-operation, developing a plan with you for dealing with your financial difficulties and clearing the arrears, consistent with both your interests and those of the Lender.
b) possession of your property will be sought only as a last resort when attempts to reach alternative arrangements with you have been unsuccessful.