There will be one set of rates available to new and existing mortgage customers who are buying or moving home. There will be separate rates for new and existing customers remortgaging to Nationwide from another lender, switching their Nationwide mortgage deal or taking out additional borrowing.
New and existing mortgage customers in the same circumstances will have access to the same rates. In general, rates for customers buying a home will be lower than those remortgaging to Nationwide, switching deals or taking additional borrowing. In addition, existing Nationwide mortgage members will benefit from a reservation fee discount.
Nationwide borrowers will to benefit from:
- Rates and fees will be amongst the lowest on the high street. For example, customers remortgaging to Nationwide could save in excess of £1,500 over two years.
- The removal of Nationwide’s remortgage administration fee of £99. This provides the option to have a fee-free remortgage.
- A lifetime tracker mortgage which is offered without a reservation fee.
- Competitive deals for further advances.
- A range of flexible features on new Nationwide mortgages offering the borrower the ability to overpay, underpay or take a payment holiday.
- Interest calculated on a daily basis.
- No higher lending charge (HLC) for high percentage borrowing.
In addition, Nationwide mortgage customers get a £100 discount off their reservation fee when they switch from one Nationwide product to another, buy a new home or take additional borrowing.
Stuart Bernau, executive director at Nationwide, said: “By making these changes we will achieve greater flexibility and will be better placed to offer all our mortgage customers exactly what they want.
“We always aim to give outstanding value to all our members. These changes enable us to offer really competitive mortgage deals to customers whether they are changing home, changing lender or changing their deal.”
