Your expert guide

Nationwide is one of the UK's biggest mortgage lenders. At Mojo, we can help you make a successful application with Nationwide.

Nationwide mortgage guide
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Stuart Bowman

10-minute read

Last updated: 17th December 2020

Why apply for a Nationwide mortgage?

Lots of people apply for a Nationwide mortgage. In fact according to the latest stats from UK Finance, the building society is the UK's 2nd biggest mortgage lender, with almost 14% market share. That's a hefty £35.7bn worth of mortgage funds.

Nationwide offers lots of different types of mortgage deals from first time buyers to buy-to-let. Like most mainstream lenders, however, you may find it hard to get a mortgage offer from Nationwide if you've experienced major credit issues in the recent past.

What are Nationwide's best mortgage rates?

Your 'best' mortgage rate will depend on your personal circumstances and what type of deal you want, and are eligible for.

Many people immediately look at the lowest rate of interest that Nationwide can offer, but some will want a cheaper mortgage over the long-term or to avoid any additional upfront fees.

Others may want Nationwide to offer them a bit of overpayment flexibility.

Nationwide mortgage deals

It's important to remember all Nationwide mortgage rates will depend on your personal circumstances, but these are some of the lowest headline rates the bank is currently offering.

These are examples only.

They are based on an application for a £150,000 loan to purchase a £200,000 property over 25 years.

Lowest 2-year fixed rate

Initial rate: 1.59%

Initial period: 24 months

Initial monthly payments: £610.39

After the initial period this deal reverts to Nationwide's Standard Variable Rate of 3.59% with monthly payments of £751.31.

APRC: 3.3%

Fees: £1,084.00

True cost: £222,075.92 (for the 25-year term)

Lowest 5-year fixed rate

Initial rate: 1.69%

Initial period: 60 months

Initial monthly payments: £617.14

After the initial period this deal reverts to Nationwide's Standard Variable Rate of 3.59% with monthly payments of £734.78.

APRC: 2.9%

Fees: £1,084.00

True cost: £213,464.20 (for the 25-year term)

Nationwide mortgage guide

You can check whether you're eligible for these Nationwide deals with Mojo.

We'll show you the best deals from over 90 lenders too.

  • Find out exactly what rates you can get
  • Get help with the paperwork if you want to apply
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These rate examples were updated 17 December 2020.

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Nationwide 90% first-time buyer mortgage

If you're a first-time buyer you'll be able to apply for a Nationwide 90% mortgage from 20th July.

Like other lenders, the building society had pulled some of it's higher LTV mortgages during the height of the lockdown.

Initially these mortgages will only be available to you if your house is over 2 years old and the maximum mortgage term will be 25 years.

Nationwide mortgage application

You can apply online, over the phone or at a Nationwide building Society branch.

Bear in mind that if you apply online direct with Nationwide you will not get any mortgage advice. Considering a mortgage is usually the biggest financial commitment of your life, most people like to talk it over with an expert first – especially if you are a first-time buyer.

For that reason, Nationwide also asks anyone who wants a Save to Buy mortgage, a guarantor mortgage, or a shared ownership mortgage to get advice, which means either branch visit or phone call.

Nationwide also don't allow you to apply online if you're trying to borrow more than 85% of the value of your property, or if your mortgage term takes you into normal retirement age.

Nationwide mortgage cashback

Currently Nationwide are offering up to £500 cashback. First-time buyers, home-movers and remortgagers could all be eligible.

Why use Mojo to apply with Nationwide?

Everyday we successfully get people mortgage offers with Nationwide.

We'll guide you through their application process, double and triple checking your paperwork to make sure you don't hit any snags further down the line.

Of course, we'll check if you can find a cheaper mortgage deal elsewhere too.

Compare Nationwide deals

Does Nationwide do broker exclusive mortgage deals?

Yes. If you're eligible for one and it looks like a good fit for your needs, our advisers can talk you through any exclusives.

How long does an Nationwide mortgage application take?

After submitting your mortgage application, like all lenders, Nationwide, will complete a property valuation and start underwriting. It normally takes up 2 weeks before you get your mortgage offer.

Nationwide mortgage appointment process

If you decide to apply direct with the lender, you'll have to do 2 steps, but Nationwide will save your progress:

1) Get an appointment to get your Decision in Principle

A Nationwide Decision in Principle gives you and Nationwide a good estimate of how much you can borrow. As they will credit check you, it'll also highlight any problems you've had with credit in the past. As this is a soft credit search it won't have any impact on your credit score

Bear in mind, a Decision in Principle from Nationwide isn't a guarantee of a mortgage offer.

What is an Nationwide Mortgage in Principle?

A Mortgage in Principle, also called a Decision or an Agreement in Principle, is an important first step in getting a mortgage and is a document that states how much you could potentially borrow from Nationwide.

It is also used to show estate agents or new build sales consultants when viewing properties as it shows you to be a serious buyer.

2) Get an appointment to apply

When you have a Decision in Principle, and have an offer accepted on a property, you can proceed with a full mortgage application with Nationwide.

You'll speak to a Nationwide adviser and if you are happy with their mortgage recommendation, they'll order a valuation on your property and pass on your case to an underwriter.

Nationwide will also perform a hard credit check that will remain on your credit record at this point.

Nationwide mortgage calculator: How much will they lend me for a mortgage?

Nationwide tends to offer up to 4.75 times your gross salary.

It can be different in each individual case, however. Nationwide states their decisions are based on your income, your outgoings, and whether the repayments would overstretch your finances.

Nationwide remortgages

Nationwide will treat your remortgage like a new mortgage and you'll have to pass their affordability and eligibility criteria.

As of June 2020, the building society also offers either £500 cashback or free legal fees for customers who choose to remortgage to Nationwide.

You should always check that the remortgage deal saves you the most money over the full length of the introductory period and term. You can do this very quickly using the Mojo Mortgage Matcher.

Nationwide product transfers

If you're already a Nationwide customer and want to stay with the building society but want to avoid its higher SVR, you can do a product transfer.

Normally Nationwide will contact you as your existing deal is about to end with some new mortgage deals and rates. These will be cheaper than the bank's SVR and you won't need to do any more paperwork.

However, you could still get a cheaper deal from another lender.

It only takes a few minutes to compare your Nationwide offer side by side against the best the rest of the market can offer. And if you still want to remortgage with Nationwide, we can do that for you too. It usually only takes a day to sort out.

Can I port my Nationwide mortgage?

Most Nationwide mortgages allow you to 'port' the terms of your current deal to a new house.

Porting does allow you to avoid early repayment changes when moving house, but it may not always be the best option. Our expert advisers can help you work out if you'll save more in the long term by remortgaging.

How much are Nationwide's early repayment charges?

Between 0 and 7% of the amount you overpay by. The exact charge depends on your deal and how long is left on your introductory deal and how much you overpay by.

Nationwide advises you to check your mortgage illustration, mortgage offer or annual statement for details about your early repayment charge.

Mojo's expert advisers can help you work out your early repayment charges ahead of a full remortgage.

Nationwide mortgages overpayment allowance chart:

Nationwide buy-to-let mortgages

You can apply with Nationwide for a buy-to-let mortgage, but they are provided by The Mortgage Works – a specialist lender with over 30 years' experience in the rental sector.

They offer mortgages with an LTV of 80%, which is slightly higher than most mainstream lenders.

Nationwide and The Mortgage Works have the following buy-to-let eligibility criteria:

You can compare The Mortgage Works with all other buy-to-let lenders to find your best deal with Mojo.

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Nationwide first-time buyer mortgages

If you're a first-time buyer, Nationwide can offer mortgages up to a 95% LTV, which means you need to save for a 5% deposit. As of June 2020, the building society is also offering up to £500 cashback.

They also accepted Help to Buy applications.

The best deal will depend on your circumstances and our expert advisers will help you find it. We'll help you apply too. Simply start entering a few basic details and we can go from there.

Nationwide Help to Buy mortgage

Nationwide has a range of Help to Buy mortgages available to you if you want to use a Help to Buy equity loan as part of your deposit.

To qualify, you'll need to be a first-time buyer and the maximum Help to Buy mortgage amount is £480,000.

Like most lenders, Nationwide wants you to complete your Help to Buy application before applying for your mortgage.

How long are Nationwide mortgage offers valid for?

180 days for house purchase mortgages.

Nationwide lifetime and later-life mortgages

Nationwide Lifetime Mortgages are designed to last the rest of your life and could be a good option if you don't want any contractual monthly payments and are prepared to repay the interest and loan with the eventual sale of your house.

They currently come with £1,000 cashback, but here are upfront fees.

Other laterlife mortgage options form Nationwide include the Retirement Interest Only (RIO) mortgage and the Retirement Capital & Interest (RCI) mortgage.

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Mojo Mortgages is an award-winning online mortgage broker. Let's get you the best rate you can... for free, all from the comfort of your sofa.

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