Your guide to Nationwide for Intermediaries

For intermediaries, also called mortgage brokers or advisers, it is vital to partner with good lenders to attract more clients in providing the best mortgage deals. One such lender would be Nationwide Building Society, a bank different than others. Nationwide is owned by its members – anyone who banks, saves, or has a mortgage with the lending institution.

Nationwide for Intermediaries, also known as NFI, is Nationwide’s intermediary mortgage business, offering a range of flexible and straightforward residential mortgages. 

Nationwide's mortgage offerings for intermediaries

Nationwide for Intermediaries is committed to the broker mortgage market, having members of its business development team across the UK to help brokers grow their businesses.

NFI offers various features including free standard valuations on all homebuyer and remortgage products. Below are some of other key features and services for Nationwide-approved intermediaries:

1. Caters to various employment types:

• employed
• self-employed
• fixed-term contracts
• zero-hour contracts
• foster carers

2. Provides 10% overpayment allowance based on original loan amount

3. Offers remortgage products with free standard legal fees or £500 cashback

4. Has tracker rate mortgages with no early repayment charges

5. Offers Helping Hand loans of up to 95% LTV using higher affordability for first-time buyers

• eligible clients are first-time buyers taking 5 and 10-year fixed rates
• customers must have a minimum income of £30,000 for a sole applicant and £50,000 for joint applicants

Know more about Nationwide’s Helping Hand loan:

6. Provides a New Build hub

• for clients purchasing a new build property
• guides intermediaries and their clients to help submit New Build business more easily

7. Offers a Deposit Unlock scheme

• a housing scheme that allows first-time buyers and homeowners to borrow between 90.01 to 95% LTV
• allows for a maximum loan of 750,000 on New Build properties

8. Provides housing scheme support such as

• equity share
• shared ownership
• right to buy

9. Allows for a joint let to buy proposition with The Mortgage Works (TMW), a subsidiary of Nationwide Building Society

10. Offers Green products

• clients get Green rewards of up to £500 cashback if they are purchasing energy-efficient properties
• available for new build and non-new build homes
• properties rated 86-91 of standard assessment procedure (SAP) can get £250 cashback
• properties with 92 and above SAP rating can get £500 cashback

Want to find out how to make your home more energy efficient in just a few simple steps?

We’ve teamed up with @EnergySvgTrust to bring you an easy-to-use interactive tool.

See what home improvements you can do to make your home more energy efficient: https://t.co/a1HxO8YAhy pic.twitter.com/9XIZrJL3Wn

— Nationwide (@AskNationwide) June 5, 2023

What types of borrowers are served by Nationwide for Intermediaries?

Nationwide for Intermediaries caters to various types of borrowers, depending on their experience, financial standing, and type of employment, among others.

• first time buyer
• homebuyer
• remortgage
• interest-only remortgage
• first-time buyers who need to borrow a higher amount when taking a five- or ten-year fixed-rate product
• customers buying energy-efficient homes
• borrowers moving homes and transferring existing mortgage product to a new property

How to become a Nationwide-approved Intermediary

All registration applications are submitted through NFI Online. You will need to fill out a form with your registration details.

You’ll need to share personal details such as:

• your full name
• date of birth
• role (which in this case is intermediary)

You will also need to submit your company FCA number then click ‘Agree & Continue’ under the declaration section.

The form also includes spaces for details such as:

• company name
• contact information, including address
• submission route

After submitting your registration, Nationwide will update its records. Aspiring intermediaries will receive two emails to create your passwords for the bank’s online systems.

Log in and submit cases to NFI Online and TMW Online.

Once registered, you, as an intermediary under Nationwide, can start submitting cases.

A detailed guide on how to submit a case with Nationwide is on their website.

Tools and support for Nationwide intermediaries

Intermediaries approved by Nationwide can get support from the website. The Home Support Hub provides guides and details on updates useful for both intermediaries and their clients.

Here are some of its features:

Mortgage Health

Nationwide’s support hub features a 10-point Mortgage Health check, which can help customers assess their mortgage options. This is essential for those who are struggling with their mortgage payments. This is designed to help clients make their payments easier to manage.

Here are questions under the Mortgage Health check feature:

• Are you on a fixed rate deal?
• Are you on a tracker product?
• Are you on Nationwide’s Standard Mortgage Rate or Base Mortgage Rate product?
• Is your current deal about to end?
• Are you on a fixed deal you want to leave early?
• Are you having difficulty choosing your new product?
• Have you made overpayments in the past?
• How long is your mortgage term?
• Can you reduce your monthly payments temporarily?
• Are you worried about making your payments?
• What do you need to do next?

If you’re worried about your mortgage payments, we have a range of ways to help – our 10-point health check, Mortgage Manager tool and our branch teams in your local area can help.

Find out more 👇

— Nationwide (@AskNationwide) June 23, 2023

Affordability calculator

Another tool for Nationwide intermediaries is the Affordability Calculator, which shows how much a client can borrow from the bank. The calculator asks questions about:

• how many people are applying
• what the mortgage is for
• how much the buyer would like to borrow

Other questions cover:

• mortgage term
• ownership type
• client information
• client income
• Outgoings

The calculator may not return an accurate result if:

• the client has multiple credit cards with some not cleared monthly
• the client has multiple accounts on different terms

Mortgage Illustration

The Mortgage Illustration contains fees that the lender (Nationwide in this case) pays to an intermediary, including procuration fees and inducements.

The illustration from the Nationwide website discloses gross procuration fee and details of the recipient within the section of the mortgage illustration. Nationwide also calculates the value of an inducement you or your company has received, including lunch, football tickets, gifts, trips, and valuations.

Other details that may be included in Mortgage Illustrations:

• intermediary contact details
• fees that your client is required to pay the intermediary and the lender, including valuation fees, booking fees, and reservation fees

Under regulations from the Financial Conduct Authority, Mortgage Illustrations are now an integral part of the mortgage sales process. These can be accessed through:

• NFI Online
• Mortgage Trading Exchange
• Relevant sourcing systems

Case Tracking

When intermediaries submit a case via NFI Online, they can see and track the progress of cases.

What can you do and see here?

• detailed requirements for cases
• documents and history of cases
• valuation dates and progress
• upload documentation using scan and attach
• download case documents

What is Nationwide’s approach to responsible lending?

As part of Nationwide’s commitment to being a responsible lender, it vows to be open and honest while treating customers fairly.

Below shows Nationwide’s Responsible Lending customer commitments:

1. designs products that meet customer needs, promoted in a balanced way by showing both risks and benefits
2. provides clear information on borrowing costs, as well as fees and charges with terms and conditions
3. provides a robust assessment on the ability of customers to make regular payments and repay the loan using current circumstances while allowing for foreseeable changes
4. uses credit scoring for all new lending to make sure that Nationwide has a fair and consistent approach to lending decisions
5. provides reasonable notice of interest rate and payment changes that will affect clients
6. vows not to share data with other lenders under strict controls to improve decision quality, reduce customers’ risk of becoming over-committed, and to avoid financial crime
7. treats personal information confidentially and in accordance with the UK's data protection laws
8. handles queries and complaints promptly and professionally
9. treats customers in a considerate way amid financial difficulties or arrears

With Nationwide's SavingsWatch, we’ll tell you when we have new savings accounts or better rates.

You need to be 16 or over with an e-mail address and have a current account, savings account or mortgage with us. To register visit https://t.co/3EhnQxQATz. T&Cs apply. pic.twitter.com/ZsdgwXcva4

— Nationwide (@AskNationwide) February 12, 2024

While Nationwide commits to responsible lending, it also expects intermediaries and clients to:

1. provide accurate and complete information in applications, especially details that can affect Nationwide’s assessment of affordability
2. regularly assess borrowing and other financial commitments while contacting Nationwide as soon as the clients experience financial difficulties
3. understand borrowing terms and seek necessary information
4. make sure that clients are comfortable with borrowing levels requested
5. ensure that clients have the means to repay their loans if borrowing is on an interest-only basis

Updates for Nationwide for Intermediaries

Nationwide regularly posts product updates and other news affecting intermediaries and their clients on its website.

In April 2024, it published rate changes to selected fixed rates across its product ranges.

It has also updated its income criteria for zero-hours contractors and temporary workers. Under the update, Nationwide is now treating temporary workers and zero-hours contractors the same, which should be both keyed as “employed temporary.”

Other updates on Nationwide for Intermediaries can be found on the website’s Latest News section.

If you’re curious to know how Nationwide fares against other lenders, read our mortgage rates guide for Nationwide. This is updated weekly, so you get accurate information every time.

Are you interested in joining Nationwide for Intermediaries? Let us know in the comments