News

From today, The Mortgage Works is helping landlords to potentially borrow more by reducing its stress rate by 0.50% on new buy-to-let applications up to 65 per cent loan to value for:

• Five-year fixed rate terms, or
• Like for like remortgage (all fixed product terms)

• For new and existing customers moving, rates start from 3.90%

• Nationwide announces £2.8bn of member value as it reports full year results 

• Includes £1bn of direct payments to eligible members and £1.8bn in better than average rates and incentives 

• New Fairer Share Payment means over 4m eligible members with current account & qualifying savings or mortgage get £100 

• Launch of new market leading 5% Member Exclusive Bond and a £200 member switching incentive  

• Nationwide number one for customer service for 13th year running amongst peers 

• Latest research by Nationwide shows more than 7 in 10 of people who gamble will bet more on major events this year than last
• One in ten have tried to stop gambling only to start again due to high-profile events
• 50 per cent of 18 to 24-year-olds say they hide their gambling for fear of judgement, embarrassment or because their partner doesn’t approve
• Nationwide and GambleAware urge anyone struggling with gambling to access support

• Reduction in stress rates following FCA’s rule clarification allows applicants to borrow on average £28k more
• Change provides boost for all buyer types, notably for remortgage, making it easier to move to Nationwide
• Stress rates also cut for Helping Hand, helping more first-time buyers borrow up to six times income
• Comes as Nationwide continues to push for review of the Bank of England’s Financial Policy Committee Loan-to-Income flow limit to unlock the full potential of the rule clarification

The UK’s largest property platform Rightmove, and the UK’s largest Building Society Nationwide have launched a global-first real-time digital feature, which helps potential home-buyers understand if a specific property they want to view is likely to be eligible for mortgage lending.

The Mortgage Works will again be cutting rates on selected buy-to-let and limited company products for new and existing customers by up to 0.30 percentage points. The new rates will be effective from tomorrow, Saturday 10 April.

• Nationwide reducing rates for existing customers switching to a new deal or new customers remortgaging by up to 0.22 percentage points
• Nationwide offers 3.84% for new customers looking to remortgage, with a £1,499 fee
• Switcher rates for existing customers start from 3.84% but with a £999 fee
• All Nationwide’s tracker rates will see a reduction of 0.25 percentage points following the reduction to Bank Rate
• Follows rate cuts made across the mortgage range on Wednesday