More information relating to our remortgage benefits is below. If you can’t find the information you’re looking for call Broker Support on 0800 545 31 31.
Covering the cost of a Standard Valuation
When your client transfers their mortgage to us from another lender, we always check the value of the property. To minimise costs for your client we always pay the fee for a standard mortgage valuation.
Covering the cost of Standard Legal Fees
We will pay the cost of the standard legal fee in connection with a straightforward remortgage of registered land. View our legal costs section which includes details on:
- non-standard fees your client may have to pay
- Leasehold cases
Our Conveyancing partner will appoint the Solicitor from our panel, and will contact your client to advise details of the instruction. The solicitor chosen will be acting for Nationwide. If your client decides not to use our legal service and/or take independent legal advice, this cost will not be covered by Nationwide.
For a remortgage, if the new loan requested is insufficient to repay the existing mortgage, an additional amount of up to and including £500 ('the tolerance') can be requested by the conveyancer without the case having to be reprocessed. Conveyancers can only request tolerance for this purpose.
If the conveyancer requests more than £500 the loan amount will have to be increased, the application reprocessed and a revised offer issued.
The Offer will include a condition instructing the Conveyancer how this tolerance can be used. Where the tolerance of up to and including £500 is used:
- The case will not need to be reprocessed.
- A new Offer will not need to be issued.
- The case will not be declined if the maximum affordability or LTV limit is breached.
Customers will be informed of the revised monthly payments in their First Payment Notice.
Products offering cashback
The cashback is payable either by cheque or by bank transfer to the current account where the mortgage payment is taken from, within one month of completion of the new mortgage.
Note on Let Properties
Nationwide does not remortgage properties that are let.
For let properties please visit The Mortgage Works, which is the specialist lender of Nationwide Building Society, to see their current range of Buy to Let remortgage deals.