Nationwide caps mortgage lending at 75% LTV

Nationwide Building Society is temporarily withdrawing high LTV mortgage lending to focus on supporting existing members and processing ongoing applications during the Covid-19 outbreak.

Related topics:  Mortgages
Rozi Jones
31st March 2020
Natiownide
"By continuing to offer home loans up to 75% LTV, we can continue supporting the housing market."

The move, which does not impact existing applications, means all fixed rate and tracker mortgages above 75% LTV will be withdrawn from sale, either online or via brokers.

The temporary withdrawal also applies to the Society’s buy-to-let arm, The Mortgage Works.

Existing members moving home, taking further borrowing or switching product will not be impacted by the changes.

Nationwide and TMW recently introduced three-month mortgage offer extensions and alternative valuation methods, such as automated valuation model (AVM).

Sara Bennison, head of Nationwide’s products and propositions, said: “As the UK’s second largest mortgage lender, and as a member-owned organisation, 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.

“That is why we have taken this decision on a temporary basis although, by continuing to offer home loans up to 75% LTV, we can continue supporting the housing market.

“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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