In today’s ever-changing mortgage market, securing the best remortgage deal to suit your needs can be a daunting task. However, Nationwide Building Society offers a range of attractive remortgage options and criteria that can help you make the most of your property investment. In this blog, we’ll explore Nationwide’s remortgage criteria and highlight the advantages of working with a qualified mortgage advisor like ourselves at Oportfolio Mortgages.
Recent Updates to Nationwide’s Remortgage Criteria
Before we delve into the details of Nationwide’s remortgage criteria, it’s essential to stay informed about any recent changes. As we have already explored in previous blogs and articles on our site, Nationwide is a reputable choice for remortgage seekers, offering lots of competitive mortgage products and options.
However, please keep in mind that mortgage criteria may evolve, so it’s essential to check the most current terms and conditions. As professional advisors and brokers, our job is to keep up to date with the most recent criteria updates from the lenders that we work with. For regular updates and criteria developments, you can call our team and follow our mortgage news blogs through our website and social media.
Nationwide’s Remortgage Offerings
When it comes to remortgaging, Nationwide Building Society offers a range of incentives to make refinancing a very appealing choice for borrowers looking to refinance property, raise some extra cash, or to simply secure a better interest rate. Currently, some of the key features of Nationwide’s remortgage products include:
- Free Valuation: Nationwide provides a free standard valuation of your property, which can save you money during the remortgage process. Every property being mortgaged needs to be valued on the lender’s behalf. This can cost hundreds of pounds, so a free valuation is definitely a benefit.
- Legal Fees or Cashback: You have the choice of free standard legal fees or £500 cashback. Again, every mortgage needs legal representation and this can be quite costly. With Nationwide remortgages, you can either choose free legal representation or cashback towards the costs.
- Day One Remortgage: Nationwide offers a day one remortgage option, making it possible to remortgage shortly after acquiring your property, rather than having to wait months or years.
- Up to 90% LTV: This was a major update in 2022 when it was announced. Nationwide can now lend up to 90% of the value of your home, which can be beneficial for borrowers who require higher loan-to-value ratios.
- Mortgage Offer Validity: Mortgage offers are typically valid for 180 days, giving you plenty of time to make any decisions.
- Product Reservations: You can reserve Nationwide mortgage products through brokers for up to 90 days, offering flexibility in your decision making.
- Help to Buy Equity Loan Repayment: The Help to Buy scheme ended in 2023 after running for 10 years. Now, people are starting to look at remortgaging to release themselves from the scheme. If you need to repay a Help to Buy equity loan in full, Nationwide can lend up to 90% LTV to assist you.
- Overpayment Allowance: Nationwide allows a 10% overpayment allowance on fixed-rate products, enabling you to pay down your mortgage faster.
- No Early Repayment Charges: For tracker products, Nationwide does not impose early repayment charges, giving you the freedom to repay your mortgage without penalties. There will however most likely be ERCs on other mortgage products.
- Repayment Options: Borrowers have the option to choose between interest-only or part-and-part repayment basis across Nationwide’s remortgage product range, providing flexibility in how you manage your mortgage and potentially bringing down costs.
What Is The Nationwide Remortgaging Process?
With any remortgage, the most important thing is to always speak with a mortgage advisor first. Most advisors will offer an initial mortgage consultation free of charge to assess your mortgage needs and to give you some information and guidance before proceeding with any kind of application. If you are looking to start the Nationwide remortgaging process, then you can give our team a call at Oportfolio or drop us a message to arrange a free initial mortgage consultation.
Your advisor will look at your current mortgage deal and will explore the product offerings with Nationwide (or any other lender that is more competitive at the time) and help you to choose a beneficial product. They will also help you to consider if you need to borrow any extra at all, and will make sure that your mortgage affordability will allow you to borrow the necessary level of mortgage.
Once you are happy with everything, your advisor will request some documents from you (ID, proof of income, bank statements, etc.) for the application and will formally submit an application for you. The application will then be assessed by the lender and an offer should be provided within a few weeks.
Nationwide Remortgaging Borrowing Limits
Nationwide’s remortgage borrowing limits vary depending on your specific circumstances. Here are the standard limits for Nationwide Building Society Remortgages. Accurate as of writing this blog:
- Like-for-Like Remortgage and Additional Borrowing: Maximum 90% loan-to-value (LTV).
- Remortgage with Additional Mortgaged Properties: Maximum 85% LTV. This applies if you have additional mortgaged properties in the background, such as a second property or buy-to-let property.
- Debt Consolidation or Paying Off a Second Charge: Maximum 80% LTV. This includes non-Help to Buy equity loans.
- Interest-Only/Part-and-Part: Maximum 60% LTV.
The minimum borrowing amount for a Nationwide remortgage is £10,000, while the maximum borrowing amount exceeds £1,000,000, depending on your circumstances.
Eligibility Criteria for Nationwide Remortgages with Additional Borrowing
If you’re considering a Nationwide remortgage with additional borrowing, Nationwide has specific eligibility criteria you need to meet. These criteria include:
- Property Ownership Type: The property must be standard.
- Number of Applicants: No more than two applicants.
- Correct Applicant Names: All applicant names (including middle names) must be correct.
- Mortgage Arrears: No mortgage account should be more than one month in arrears.
- Repayment Basis: The new lending should be on a capital and interest repayment basis.
- Subsequent Charges: There should be no subsequent charges on the mortgaged property at the time of the application, including Help to Buy equity loans.
- Completion Date: The completion of the borrower’s original purchase/remortgage application must be at least 180 days prior to commencing an additional borrowing application.
- Property Letting: The property shouldn’t be let.
- Direct Debit: The existing mortgage must be paid by direct debit.
- Nominal Balance: The existing mortgage account should not have a nominal balance.
Benefits of Working with a Mortgage Advisor
Securing a remortgage with Nationwide is made easier and more advantageous when you work with a qualified mortgage advisor. Here are some key benefits:
- Expert Advice: Mortgage advisors have extensive knowledge of the remortgage market and can provide expert advice tailored to your specific needs.
- Access to Exclusive Deals: Advisors often have access to exclusive mortgage deals that may not be available directly to borrowers. For example, Nationwide remortgages can often be secured on lower rates through a broker as opposed to going direct to branch.
- Time and Stress Savings: Advisors can handle the paperwork and liaise with lenders on your behalf, saving you time and reducing the stress associated with the remortgage process.
- Tailored Solutions: Mortgage advisors can help you find the most suitable remortgage product based on your financial situation and goals.
- Application Assistance: Advisors can guide you through the application process, ensuring that your application is complete and accurate.
Current Nationwide Remortgage Rates
As we have already mentioned, lender criteria and offerings can and will change. As of writing this blog, Nationwide’s lowest fixed remortgage rates were as follows:
- 60% LTV 5-Year Fixed Mortgage: 4.89% with a £999 fee.
- 75% LTV 5-Year Fixed Mortgage: 4.95% with a £999 fee.
- 90% LTV 2-Year Fixed Mortgage: 6.00% with a £999 fee or 6.38% without a fee.
Please note that these rates may have changed, so it’s essential to check the most current rates with your mortgage advisor when considering Nationwide remortgages.
What Are Mortgage Advisors Saying About Remortgage Changes?
Content and Communications Director at Oportfolio Mortgages Louis Mason had this to say:
“Santander remortgage, Halifax remortgage, Barclays remortgage, NatWest remortgages. All appealing in their own ways but none of them are as forward thinking as Nationwide right now. A large part of our business is retained and returning clients so every 2 to 5 years we help with lots of remortgages and sometimes they can be tricky if client’s circumstances have changed. We contact all of our clients at least 6-months before their current mortgage deals come to an end, to help them to navigate the mortgage market and secure a new competitive remortgage. Nationwide leading the way with their remortgages is great to see and we can’t wait to start sharing the news with our clients.”
If you or anyone you know is interested in learning more about remortgaging with Nationwide or even remortgaging to Nationwide from another less competitive mortgage lender, feel free to give our helpful and friendly advisors a call.
