Product news

• Nationwide – one of the UK’s biggest banking providers - looks at customer spending during UEFA Euro 2024 tournament
• Current account and credit card spend in Germany jumps 140% as England and Scotland fans cheer on their teams
• Game of two halves as UK supermarket spend up 9% and pub spend down 1% as many opt to watch the game at home
• Nationwide FlexPlus current account and Member Credit Card charge no fees for overseas purchases or withdrawals

• The Mortgage Works provides broker support for day-to-day interactions with portfolio landlords 
• Available for all brokers to use regardless of which lender the landlord’s mortgages are with 

• Nationwide’s Spending Report shows rise in essential costs (+1%) and non-essential costs (+2%) in April
• Spend on repaying debt rose 25% while the number of transactions for debt repayment jumped 14%
• Sharp rise in housing costs partially offset by falls in spending on utilities and supermarket shopping
• Spending on catalogues increase 12% as Brits look to spread the cost of purchases

• Doubling of loan size reflects impact of inflation and external pressures on rising costs impacting consumers 
• Construction industry figures point to a further 15 per cent rise in costs over next 5 years, from materials to labour 
• Nationwide research reveals 44% of people plan to make home improvements over the Bank Holiday weekend 
• More than one in three customers taking out a Nationwide personal loan over £20,000 do so for home improvements  

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