Product news

• Nationwide Spending Report shows overall spending up 5% year on year and transactions up 7%
• Essential and non-essential spending gap narrows as people spend more on themselves
• Consumer poll highlights fall in those worried about personal finances and ability to cover essentials
• Brits determined to have a summer of fun as many see holiday and days out as essential spending
• Average holiday spend of £1,491, but Brits staying in UK or opting for short haul to keep costs down

From today (9 June 2023), Nationwide Building Society will return to lending at 95 per cent loan to value (LTV) on non-new build flats.

The Mortgage Works (TMW) is tomorrow (7 June) returning to lending at 80% loan-to-value (LTV) on its buy to let, let to buy and limited company range of mortgages. At the same time TMW is simplifying its affordability criteria.

Following the 0.25% increase in the Bank of England Bank Rate on Thursday 11 May, mortgage members who are on Nationwide’s Base Mortgage Rate (BMR)¹ and Standard Mortgage Rate (SMR)² products will see a rise of 0.25%.

• Nationwide Spending Report shows overall spending up 8% year on year and transactions up 9%
• Essential and non-essential spending gap narrows as people spend more on themselves
• Poll shows 74% are worried about personal finances and ability to cover essentials – highest level this year
• 57% of parents worried about covering costs of summer holidays with total average cost of c£550 a week
• One in four plan to buy new car in next 12 months but 75% say cost will be number one factor when choosing

• Nationwide continues to reinvest profits for the benefit of its members
• £340m Nationwide Fairer Share Payment to reward eligible members with £100
• Society also launches two-year Nationwide Fairer Share Bond for existing members with 4.75% interest rate
• Society announces strong annual results, including returning over £1 billion back to members in better rates and incentives, and continues to lead on customer satisfaction

• New Green Additional Borrowing will support up to 5k Nationwide mortgage holders to green their homes
• Product available across two and five-year fixed terms with a maximum loan size of £15,000
• Entire loan must be spent on green home improvements, such as solar panels or air source heat pumps
• First time Society has offered members 0% mortgage product to support decarbonising housing stock
• Product to test whether reducing interest rate will encourage people to make homes more energy efficient

Nationwide Building Society is launching new Fixed Rate Online Bonds and Fixed Rate Branch Bonds on Thursday 4 May.

Nationwide Building Society is today announcing increases across all of its on and off-sale variable rate savings accounts. The changes, effective from 1 May 2023, will see the Society increasing rates by up to 0.35 per cent.

• Nationwide Spending Report shows essential spending was 43% higher than non-essential spending in March
• Non-essential spend remains high as inflation keeps costs up; 6% up year on year
• Despite cost-of-living concerns, more than a quarter admit they will still prioritise spending on holidays
• Poll reveals 67% worried about current state of finances & ability to cover essentials – up from 63% last month
• Nationwide’s data shows 91% of debit card transactions under £100 in store are done by contactless

The Mortgage Works (TMW) will be reducing rates on selected products across its range by up to 0.50 percentage points from Wednesday 19 April.

Nationwide Building Society is reducing selected fixed rates at 90% and 95% LTV by up to 0.20 percentage points and switcher rates by up to 0.30 percentage points, effective from tomorrow, Friday 14 April.