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Nationwide updates large loan criteria

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  • 20/03/2014
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Nationwide updates large loan criteria
The UK's largest mutual Nationwide has made a series of changes to its large loans criteria, including the fact borrowers no longer need separate legal representation if they use a panel solicitor.

Other changes include:

• Below 75% LTV, the maximum loan size will be capped at £2m. Clients who are existing customers with a loan exceeding £2m, will be able to port or switch their current balance.

• Applications for £1m or more can be submitted via NFI Online or NFI MTE instead of paper.

• Current product availability will remain unchanged. Applications above £1m will only be accepted on products without a product fee. (The non-refundable upfront booking fee of £99 will still apply)

• All current rates and maximum lending limits by LTV will remain unchanged too, but product codes will change.

Meanwhile, Nationwide announced the changes it will make to its affordability assessment in mid-March for all applications received after 14 April to comply with the Mortgage Market Review.

Additional questions will be added to the Decision in Principle and full mortgage application stages and built into the NFI online and NFI MTE systems.

 

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