Product news

From today The Mortgage Works (TMW) will be changing its mortgage criteria for incorporated landlords.  

It will accept Limited Company purchase applications to use as a buy to let where the company is purchasing a property that is currently owned and lived in by one of its directors. 

• Nationwide’s Spending Report shows essential costs fell 4% in March despite overall spending remaining flat
• But increase offset by 4% rise in non-essential spending, from gardening and eating out to holidays
• Warmer weather, combined with stabilising costs, likely contributed to respective rise and fall in spend
• Despite some optimism, costs still higher across essential areas such as supermarkets, rent and mortgages

• Nationwide poll reveals 84% agree cost-of-living has impacted purchase of first property 
• Deposit and ability to afford mortgage payments act as major hurdles, with more than half willing to relocate to afford a home 
• Nationwide offers a range of options and support to help people into their first home 
• Britain’s biggest building society calls on government to boost homeownership as it prepares to publish Housing White Paper alongside Building Societies Association 

The Mortgage Works (TMW) will be reducing rates on selected buy-to-let and limited company products by up to 0.40 percentage points. The new rates will be effective from Tuesday 26 March.

The Mortgage Works is tomorrow (Tuesday 5 March) reducing its Interest cover ratios (ICR):

• For higher rate taxpayers, the ICR reduces from 165% to 160%
• For Limited Company and lower rate taxpayers, the ICR reduces from 130% to 125%

• Asks include a market-wide review, reintroduction of Help to Buy ISA, stamp duty reform and an increase in higher loan to income lending

• The Mortgage Works calls on Government to introduce four measures to build a stronger private rental sector

• Households aim to make money go further by shopping at discount stores, such as B&M, Poundland & Temu
• Nationwide’s Spending Report shows Brits spent £7.5bn in January – three per cent increase on last year
• Renters face biggest hike as rent payments rise 28% year on year, while mortgage repayments up by 11%
• Despite rising essential costs, spend up on non-essentials, from subscriptions to holidays and health & beauty
• Nationwide, which operates a cost-of-living helpline (0800 030 4066) urges anyone struggling or worried to contact their financial service provider to help them get back on track

• Romance scams with male victims rose 40% between 2022 and 2023, according to Nationwide’s customer data
• However, women are likely to lose more to love scams: average loss of £10,610 versus £8,181 for men in 2023
• 20% of romance scam cases reported by men in 2023 involved victims aged 20-30 years old
• Nationwide’s Scam Checker Service enables customers to check and protect a payment first

From today (9 February 2024), Nationwide is launching a new issue of its Flex Regular Saver paying a highly competitive 6.5% AER/gross p.a. for 12 months¹.