Last updated: 21 August 2017
We want you to be able to use our services quickly and easily, so that’s why we regularly update our FAQs to answer any questions that may arise.
Our current most popular questions
About 10 days after your client moves in, we’ll send them a letter letting them know how much the first mortgage payment will be and when it’ll be taken from their account.
The first payment will generally be more than their normal monthly payment. This is because it’ll include interest for the days between the date they moved in and the end of that month, plus their standard monthly payment for the month after.
For example, if your client moves in on 11 January, their first mortgage payment in February will include interest for 11-31 January as well as the standard mortgage payment for February.
Your client will need to provide details for a minimum trading period of two years, which has been verified by an Accountant’s Certificate. The latest year end can’t be more than 18 months ago.
We will request the Accountant’s Certificate, which must be prepared and signed by a professionally qualified Associate or Fellow from our listed acceptable bodies. If this isn’t done, we won’t accept it and instead we’ll use the corresponding years’ Tax Assessment forms issued by HMRC (SA302).
If your client’s on a permanent contract with a basic salary only, we’ll just need to see their most recent payslip.
If we’re using their basic salary plus bonus/overtime/commission, the proofs required will vary depending on how often they receive payment. For full details please read our income criteria.
Where possible, we will seek to verify your client's income using information held at credit bureaus. If we are able to successfully verify your client's declared income, we will not request to see any income proofs. Please do not attach income proofs to an application if they are not requested as we will then be required to assess them and this may delay the progress of your case.
- Child Benefit
- Working and Child Tax Credits
- Pension Credits
- Incapacity Benefit
- Employment and Support Allowance – support group only
- Disability Living Allowance (DLA) for a person aged 16 or over
- Carers/Attendance Allowance
- Personal Independence Payment (PIP)
- Industrial Injuries Disablement Benefit
- War Disablement Pension
- Armed Forces Compensation Scheme
- Widowed Parents Allowance (only where at least one child is aged 11 or under)
Applications where income is made up primarily of benefits and maintenance are likely to be declined.
You can find full details on the benefits we accept on our income criteria page.
Yes, the product fee can be added to the loan, but the total of the loan and the fee mustn’t exceed the client’s affordable amount. For full details, read our product reservation page.
Adding the product fee to the loan could push your client over a LTV threshold. This is acceptable, provided the loan amount is still affordable.
If your client will own more than one property on completion of a new loan, the maximum LTV on their new property will be 85%.
Purchase applications for these clients should be keyed as a Second Property, even if the property being purchased will be your client’s main residence.
When considering affordability, we’ll take into account the outstanding balance of any mortgages that are continuing, unless they are let and satisfy our Additional Properties criteria.
You can read about the porting process on our Existing Nationwide Borrowers page.
Income paid in a foreign currency isn’t acceptable for the following new lending applications:
- Purchases (including second property types)
- Further advances
- Porting with additional borrowing
Where a client is looking to complete a combination of transactions, such as a term change and additional borrowing, then foreign currency income can’t be used.
Applications using foreign currency income without new lending
- For existing Nationwide customers moving home, where no new lending is required, foreign currency income can be considered. This includes clients porting without additional borrowing.
- For existing Nationwide customers looking to change their term or repayment type, foreign currency income can be considered.
- If there’s no affordability assessment required, such as switching rates at deal end, we won’t need to look at income and therefore foreign currency income won’t need to be considered.
The maximum retirement age is 70. The mortgage term mustn’t extend beyond the 75th birthday of the eldest applicant, unless you meet our criteria for borrowing in retirement. See our borrowing in retirement page for details of borrowing up to the age of 85
If the mortgage term extends into retirement, depending on the current age of the applicant, the following criteria will apply:
Retirement is less than 10 years away
- The details of both the current income and anticipated retirement income must be provided
- The lower of the current income or anticipated retirement income will be used for affordability purposes
Retirement is 10 years or more away
- The current income will be used for affordability purposes
- Evidence of the existence of a current and/or past pension (other than State Pension) e.g. payslip showing a pension deduction or a pension payment on a bank statement or a pension statement.
To save your clients results, follow the steps below:
1. Fill in the calculator as normal.
2. On the results page press ‘Print’.
3. You should then see a Print Options screen that asks you to ‘select printer’. Scroll until you find any of the following options:
- Adobe PDF
- Microsoft XPS Document Writer
- PDF Creator (you can download a free version of PDF Creator here).
4. Select one of the options above, then press ‘print’.
5. After a few moments, a window should pop up asking you to ‘Save File As’. Choose your destination folder as normal and press ‘save’. Your client’s results should now be saved.
You can read about the rate switch process on our Existing Nationwide Borrowers page.
Click on a category below to find a list of frequently asked questions and answers:
Lending criteria FAQs – including information about income, LTVs etc
NFI Online FAQs – including information on the registration process and using the system
Porting FAQs – including information about the process
Rate Switch FAQs – including information about the process
Mortgage Trading Exchange (MTE) FAQs – including help on getting set up and key contact numbers
Key Facts Illustrations (KFIs) FAQs – including help on generating KFIs
EU mortgage credit directive FAQs – including information about the process
We hope we’ve covered most of the common questions, but if you’re still unsure about something, you can contact one of our experienced advisers on Broker Chat.