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Nationwide withdraws mortgages above 75 per cent LTV

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  • 30/03/2020
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Nationwide withdraws mortgages above 75 per cent LTV
Nationwide Building Society is temporarily withdrawing all fixed rate and tracker mortgages above 75 per cent loan to value (LTV) from Tuesday 31 March.

 

This is so it can focus on existing members and processing ongoing applications amid the pandemic, the society said.  

The change affects remortgages, first-time buyer and new house purchase customers. Existing borrowers who are moving home, extending borrowing amounts or switching products will not be impacted. 

The 75 per cent LTV threshold also applies to the society’s buy-to-let arm The Mortgage Works (TMW). 

Existing applications where a product has already been retracted will continue to progress and Nationwide will continue to offer mortgages at 75 per cent LTV and below.  

This follows on from Nationwide and TMW announcing that existing mortgage offers would be given a three-month extension where the offer is within 30 days of expiry and introducing measures to make use of alternative valuation methods. 

Also as face-to-face meetings are currently not taking place due to coronavirus, applications and appointments will be held over telephone and Nationwide Now – the society’s in-branch video service. 

Sara Bennison, chief marketing officer at Nationwide, said: “We need to maintain the levels of service expected of us in the face of an extremely high number of enquiries about existing mortgages and ongoing applications. 

“We continue to monitor for any updates to government advice and, in this ever-evolving situation, we ask members and brokers to bear with us and thank them for their patience.”

 

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