Existing Nationwide borrowers

Check our definition of an exisiting Nationwide borrower

If your client is an existing Nationwide mortgage customer and has a query regarding their mortgage, they can call us on 0800 30 20 11. Lines are open 8am-8pm Monday to Friday and 8am-5pm on Saturday.

Additionally, the sections below provide further information that you may find useful:


Porting

When an existing borrower moves home and redeems their existing mortgage, provided we are able to offer them a new loan, they can transfer their product for the remainder of its term to their new mortgage. This is known as porting.

Most of the mortgage products available through Nationwide, including the Base Mortgage Rate (BMR) and Standard Mortgage Rate (SMR), are portable. If a product is portable it will be stated in the original Mortgage Offer.

If your client is looking to port their product, they should be aware that:

  • Products can only be ported on home mover (purchase) or second property home mover applications
  • Any additional borrowing required over and above the ported balance must be from our current product range
  • They are within the last three months of their current product deal period, and are either taking a new deal with Nationwide or are porting and reducing their loan amount. Please refer to the applicant's original mortgage offer for when their deal period ends, please note we offer true term products. All our mortgage products are true term products
  • We can’t accept purchase applications from existing borrowers moving home who intend to remortgage their existing property as a Buy to Let, unless the new lender will be The Mortgage Works. The existing Nationwide mortgage can’t be transferred to any other lender
  • In order to port a product, the existing account from which the product is being ported mustn’t have been redeemed.
  • Existing Nationwide borrowers who have an interest only/part & part mortgage and are moving home can keep the amount they have on their interest only mortgage if the existing product is ported. They must also ensure they have an acceptable mortgage repayment strategy in place.

At application stage, your client can also change the term of their mortgage when porting, if they wish to.

In most instances of a porting application, we expect the sale and purchase transactions to complete simultaneously. However, we understand that if there are delays in the completion of the purchase, then the situation is out of your client’s control. If your client finds they have to unexpectedly redeem their existing mortgage prior to completion of their new mortgage, we will either:

  • continue to process your client’s application if a mortgage offer has already been produced
  • OR
  • if a mortgage offer hasn’t yet been produced but redemption of the existing mortgage has taken place, we’ll cancel the application

    This means the porting facility will be lost and a new application must be submitted based on our current product range (this doesn’t guarantee acceptance of any future application)

Fees

Product and Booking fees, if applicable, aren’t payable on products being ported, but fees relevant to any new products taken as part of the new house purchase transaction will be payable.

Early Repayment Charges

Your client won’t have to pay the Early Repayment Charge (ERC) if:

  • they port the balance and terms of their product to the new loan for the remainder of the product deal period
  • the balance ported is equal to the remaining balance on the existing account (if they want to port part of their existing debt, an ERC will be payable on the balance that isn't ported)
  • They are within the last three months of their current product deal period, and are taking a new deal with Nationwide, or are porting and reducing their loan amount. Please refer to the applicant's original mortgage offer for when their deal period ends, please note we offer true term products. All our mortgage products are true term products.

    This means that if your client’s completion date is delayed, their mortgage will still run the full 2/3/5/10 year deal period. So, if your client completes on 7 August 2015 they will make 24/36/60/120 monthly payments and revert to our Standard Mortgage Rate on 1 September 2017/2018/2020/2025.

    NB: At the end of the fixed rate period your client will automatically move to our Standard Mortgage Rate (SMR). The SMR is currently 3.74% and has no upper limit or cap.

Where the ERC isn't payable, the solicitor will need to account for the ERC and redemption expenses from the sale, and deduct before sending the payment through to us.

How to submit a Porting Case

KFIs for ported cases can be produced via NFI Online. The KFI is produced as part of the product selection stage of the application.

Porting applications are submitted via NFI Online. Download our step by step keying guide for porting applications

There are a small number of Porting Exceptions which cannot be submitted via NFI Online, these are:

  • Porting a 25 year fixed rate
  • Porting an account with a future dated Product Switch
  • Porting if the mortgage term takes the applicant past 75 years old (like for like applications only)
  • Porting of 5 or more accounts with no additional borrowing
  • Porting of 4 or more accounts with further borrowing
  • Porting an account where the current mortgaged property is being let out
  • Porting of 3 or more applicants(like for like applications only)

To request a KFI for these exceptions, please complete the Manual KFI Porting Request form and follow the instructions on the form.

The full application will need to be posted to:

Nationwide Building Society (IPA)
Northampton Service Centre
Kings Park Road
Moulton Park
Northampton
NN3 6NW

Moving home, but not porting

An existing Nationwide mortgage borrower, who is moving to a new property, can redeem their current mortgage in favour of another Nationwide mortgage product. However, they’ll need to pay any ERC that applies to the current mortgage (unless they are within the last three months of their current product deal ERC period).

We can’t accept purchase applications from existing borrowers moving home who intend to remortgage their existing property as a Buy to Let, unless the new lender will be The Mortgage Works. The existing Nationwide mortgage can’t be transferred to any other lender.

Additional borrowing (Further Advances)

If your client has a Nationwide mortgage and wants to borrow more, they could:

  • Apply just six months after the completion of their main loan
  • Borrow from £5,000 up to 85% of the value of their home (including their current mortgage)
  • Borrow for any reason, except capital raising for business purposes or to purchase land or property to be let.

Your client will need to speak to Nationwide directly

Rate Switch

You're able to complete a rate switch on behalf of your client via NFI Online under the following circumstances:

  • Your client is on a Nationwide Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR) product.
  • Your client is currently on a tracker product and doesn't have an early repayment charge (ERC).
  • Your client is within three months of their product expiring.
  • Your client is not amending their existing mortgage term.

If your client is looking to switch their product, they should be aware that:

  • Rate switches are subject to an automated property valuation. This will be used to determine the current loan to value for the purposes of product selection. Results are based on regional price movements in the UK. Differences in quality of fittings and decoration won't be considered.
  • Eligibility to switch a product is subject to your client having an account that is no more than one month in arrears.
  • A rate switch application won't be able to proceed if the property is let.
  • Clients' subject to a Bankruptcy Order or Individual Voluntary Arrangement (IVA) aren't eligible to complete a rate switch until their bankruptcy or IVA is discharged and the trustee has confirmed they no longer hold an interest in the mortgage.

    • Read our Rate Switch FAQs to see if we’ve answered any of your queries.

      Switch and Fix

      For tracker mortgages reserved prior to 2 May 2014- Client has the option to switch to a fixed rate at any point in the deal period, with no ERC (a product fee may apply).

      For tracker mortgages reserved from 2 May 2014- As no ERC applies, your client can switch to a new mortgage deal without incurring a penalty (a product fee may apply).

      To switch a tracker product with an ERC, or to switch a fixed rate product mid-deal, your client must complete this with Nationwide directly and it will be subject to the relevant ERC's. See our customer website for further details.

      It isn't possible to complete a rate switch through MTE.

      Product fees

      If your client is switching multiple accounts (up to a maximum of four per application), only one product fee will be charged per application.

      Early Repayment Charge (ERC)

      Your client won’t have to pay an ERC if:

      • They're switching a tracker product to a fixed rate product.
      • The product is being reserved within three months of the end of the clients existing product term.
      • How to submit a rate switch case

        Most offers for rate switch applications can be produced via NFI Online. The offer is produced at the end of the application, prior to confirming the switch and paying the fee.

        Download our step by step Rate switch keying guide for more information.

        Rate switch exceptions

        The following rate switch scenarios need to be submitted as paper applications:

        • Where there are more than two clients on the existing mortgage.
        • Where your client is switching more than four accounts.
        • To request a manual offer for an exception, please complete the Rate Switch Application Form and follow the instructions on the form. Once this has been completed by our team, you will need to complete our Rate Switch Offer Acceptance Form to confirm that your client has accepted the offer.

          Your client may be at risk of losing features when switching to a new mortgage product. For more information, please go to the borrow back section.

          Rate Switch with Additional Borrowing

          Where your client wants to complete a rate switch and also apply for additional borrowing, this will need to be processed as two separate applications. You can complete the rate switch on behalf of your client, but if they wish to take additional borrowing, they will need to speak to Nationwide directly. Please be aware, if your client wants to proceed with both applications, this may result in them paying two fees depending on whether products with fees have been chosen.

          Changes to mortgage term or repayment type

          Your client will need to call 0800 30 20 10 to change their mortgage term or repayment method. These are handled separately from the rate switch process. Either transaction can be completed first, depending on you and your client’s preference.

Borrow back

Mortgages taken out before 29 April 2009

If your client's current mortgage was taken out before 29 April 2009, they will move to our Base Mortgage Rate (BMR) when their deal ends. The BMR is guaranteed to be no more than 2% above the Bank of England base rate and includes the ability to borrow back any overpayments your client may have made, and take payment holidays. If your client chooses to switch to a new mortgage product, they'll no longer have access to the BMR or its facilities and will revert to our Standard Mortgage Rate (SMR) which has no upper limit or cap.

Mortgages taken out before 4 March 2010

If your client(s) took their mortgage before 4 March 2010 and are currently on our Standard Mortgage Rate (SMR), your client will also have access to borrow back and payment holiday facilities. Please be aware that if your client chooses to switch to a new mortgage product, they will no longer have access to these facilities.

Overpayment reserve

If your client(s) make mortgage payments exceeding the contracted monthly amounts, these overpayments will form an 'Overpayment Reserve'. Your client can then choose to (with prior permission from Nationwide) utilise this Overpayment Reserve to lower future monthly mortgage payments should they wish. As a result, when completing a rate switch application, the Overpayment Reserve will be included in the Total Mortgage Balance and used to calculate the Loan to Value (LTV) of the application.

If the client wants to remove the Overpayment Reserve, you will need to complete and return the Overpayment Reserve Removal Form The Overpayment Reserve will be removed on the same day if the request is received by 3pm and will be removed on the next working day if it’s received after 3pm. Once this has been removed, you will need to start a new rate switch application.

Please complete the Overpayment Reserve Removal Form and follow the instructions on the form.

Payment holidays

Your client may be able to take a payment holiday if they took their mortgage out prior to 4 March 2010.

Your clients can apply to take a payment holiday of between 1 to 12 months. To apply your client must have:

  • Held a Nationwide mortgage for more than one year
  • A mortgage that is less than 80% of the value of their home at the end of the payment holiday

More information for your client, including how to apply, is available on our customer website.

Payment difficulties

  • If your client is experiencing difficulties in meeting their mortgage repayments then a payment holiday may not be appropriate
  • Please ask them to contact us to discuss the options available to them:

Terms and conditions apply.

Borrowing in retirement

Borrowing in retirement allows borrowers who are already retired to take out a new mortgage with a term up to the eldest applicant’s 85th birthday, rather than our standard maximum age of 75.

Please see our borrowing in retirement page for more information.