Idea Transcript
nationwide.co.uk | The Mortgage Works | Nationwide for Businesses
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They don't increase the term(s) beyond the current remaining term(s). Any additional borrowing (which must be on new products) taken must be repaid on or before the eldest applicant's 75th birthday. If the customer requires new additional borrowing (which must always be on new products) it must be repaid on or before the eldest applicant's 75th birthday. However if the term of the ported product(s) exceeds that of the new additional borrowing the term of the ported elements must be reduced to the term of the new additional borrowing They continue to meet our standard status requirements and comply with our lending criteria. They pay any applicable Early Repayment Charges (ERCs) if they reduce the loan. They don't increase the term(s) beyond the current remaining term(s). They don't increase the loan to value (LTV) They don't take any additional borrowing They pay any applicable ERCs if they reduce the loan. They continue to meet our standard status requirements and comply with our lending criteria. The maximum acceptable retirement age is 70 Return to top
Source of deposit
Proofs required
Savings (from UK based personal savings bank accounts)
One full month's bank statement is required. It must be dated within 42 days from when the document is uploaded.
See also Help to Buy: ISA
There must be evidence of at least one month's worth of savings built up in the account. Any 3rd party or cash transactions of £10,000 (UK) or £5,000 (non-UK currency equivalent) may be queried. If the transaction is a gift, then UK/non-gifts criteria will be followed.
Savings (from foreign based personal savings/bank accounts)
For accounts based in an EEA country, the most recent three months' bank statements are required, showing the full cycle of transactions. For accounts outside the EEA, the most recent six months' bank statements are required, showing the full cycle of transactions. Non-EEA foreign nationals without indefinite leave to remain in the UK must provide a deposit of at least 25% from their own resources. In addition, one months' UK bank statement showing the funds being transferred to the UK bank account of the applicant. Any 3rd party or cash transactions of £5,000 (non-UK currency equivalent) or more may be queried. If the transaction is a gift, then non-gifts criteria will be followed.
Builders cash backs/deposit
Letter from solicitor
A builder can provide a cash back incentive or deposit contribution provided this doesn't exceed 5% of the purchase price/valuation (whichever is lower). If it's more than 5%, the excess will be deducted from the price and our lending will be based on the reduced value. Accepted on Shared Ownership applications, subject to the current builder cash back rules. Not accepted on Equity Share loan applications.
Gifts There must be no conditions attached to the gift, except where the gift is provided by a family member and is subject to a second charge or family trust arrangement. The only condition is for the repayment of the charge upon sale of the property. Concessionary purchase (Genuine Bargain Price) is any sale where the vendor is purposefully and knowingly selling the property to the applicants under value.
A completed Gifted Deposit form is required where an amount of £10,000 or more of the deposit has been gifted. Where the decision in principle is a refer, a Gifted Deposit form may be required in some instances. For gifts of £10,000 or more that come from outside of the UK, donor bank statements will also be required. If the donor resides and/or the funds being used are within the EEA, 3 months' statements are required. If the donor resides and/or the funds being used are outside of the EEA, 6 months' statements are required.
Read more about Genuine Bargain Price.
Help to Buy: ISA
Help to Buy: ISA closing statement.
Help to Buy: ISA is an acceptable source of deposit. To qualify your client must: be a first time buyer be aged 16 or over have a valid National Insurance number be a UK resident be buying a property up to the purchase price of £250,000 (up to £450,000 in London) Read more about Help to Buy: ISA
Forces Help to Buy (FHTB)
Purchases - the Personal Information Note (PIN) will be required to evidence deposit.
A maximum of two FHTB loans can be used per application. If the maximum product limits available at the time mean the FHTB is insufficient to meet the shortfall between the purchase price and the maximum available loan, then an additional deposit will be required.
Remortgages - the applicants payslip will evidence the total monthly FHTB outgoing.
Monthly repayment including the mandatory insurance payment must be included in affordability calculation, this will be confirmed from the Personal Information Note (PIN) as issued to your client by the MoD. Not accepted in conjunction with any Equity Loan Schemes, Genuine Bargain Price, Right to Buy, Shared Ownership or Restricted Resale Price. Read more about FHTB Download our FHTB application keying guide
Inheritance
A letter from the executor or solicitor for the estate, confirming the amount that is to be/has been inherited. If the funds have been received, a bank statement showing the monies going into your client's account is required.
Equity from sale of property
Sale price of the property
Any loans taken out by your client, except for: borrowing from another lender against an additional property owned by the applicant (subject to affordability and criteria) the repayment of a Limited Company Directors Loan. The Limited Company accountants must confirm the monies are available and there is no detriment to the company by removal of the funds. This deposit must also be keyed as savings. Loan from a UK Trust Fund, provided no monthly repayment is made and the only condition attached to the Trust Fund loan is that it is repayable on sale of the property. Any other form of loan from a Trust Fund is unacceptable. Non-UK Trust Funds Funding from overseas companies Gifts from overseas companies Funding from credit cards Repayment of a loan from a third party Bitcoins Return to top
Copy of a valid full UK Passport Copy of a valid full/provisional UK Photocard Driving Licence UK based Bank or Building Society statement* (dated within 42 days from when the document is uploaded to NFI) internet banking statements, Nationwide Flex Account statements, or Cheshire, Derbyshire and Dunfermline building societies statements are not acceptable) *Statements must be from a different source, i.e. a bank or credit card statement used for name ID cannot be from the same provider as a mortgage statement taken for address. Copy of a Driving licence paper/photocard (valid full/provisional UK or Northern Ireland) National ID Card (EU Only) HM Revenue and Customs notice of coding (less than twelve months old) UK Firearms Licence or Shotgun Certificate Benefit Letter (less than twelve months old) Id card – Armed Forces or Employer only Credit Card statement (less than three months old) UK based postal bank or building society statement* (dated within 42 days from when the document is uploaded to NFI) showing some transactions. Internet banking statements, Nationwide Flex Account statements, or Cheshire, Derbyshire and Dunfermline building societies statements are not acceptable. *Statements must be from a different source, i.e. a bank statement taken for address cannot be from the same provider as a bank or credit card statement used for name ID. Copy of a Driving licence paper/photocard (valid full/provisional UK or Northern Ireland) HM Revenue and Customs notice of coding (less than twelve months old) Gas, electricity or telephone bill, not mobile (less than three months old, internet statements are not acceptable) Mortgage statement* (excluding Nationwide, Cheshire, Derbyshire and Dunfermline building societies), water bill or council tax bill (less than twelve months old, internet statements are not acceptable) *Statements must be from a different source, i.e. a mortgage statement taken for address cannot be from the same provider as a bank or credit card statement used for name ID. Benefit Letter (less than twelve months old) Credit Card Statement (less than three months old) Council tax bill (less than twelve months old) Credit Union statement/passbook (less than three months old) Water bill (less than 12 months old) University/College Letter Copy of a valid non-UK or European Economic Area (Non-EEA) passport Acceptable proofs of "indefinite leave to remain in the UK" Passport containing stamp for indefinite leave to remain in the UK or Copy of Permanent Residence Card Copy of visa/residency permit (front and back for new biometric formats) or Written confirmation of indefinite leave to remain in the UK from the Home Office Additional acceptable proof of current address as detailed above Copy of a valid non-European Economic Area (Non-EEA) passport Copy of Residence Card Copy of a Family of a Settled Person Visa UK Ancestry Visa Copy of visa or work permit (Tier 1 or Tier 2 visa will be accepted) Applicants who are in the UK on a Spousal or Ancestral Visa will be considered, but if their income is used for affordability they must contribute a minimum of 25% deposit from their own resources, even if married to a UK/EEA national who is a joint applicant Additional acceptable proof of current address as detailed above Return to top
1-3 month’s bank statements from main account are required to show salary fed payments and outgoings account history. 3 months’ bank statements are required to show rental income from a Buy to Let and the mortgage payment going out. 3 months’ bank statements are required to evidence maintenance. UK savings account: 1 months UK bank statement to be provided EEA applicants: 3 months' foreign bank statements to be provided Non-EEA applicants: 6 months' foreign bank statements to be provided Customer(s) initial(s) or full name(s) Customer(s) full address Account Number and Sort Code All pages must be numbered and visible The required number of month's transactions showing Bank/Building Society logo visible Regulatory footer statement visible Customer(s) initial(s) or full name(s) Account Number and Sort Code All pages must be numbered and visible The required number of month's transactions showing Statements provided in PDF format are acceptable Return to top
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Tier 1 or Tier 2 Visa Residence Card Family of a Settled Persons Visa including Spousal Visa UK Ancestry Visa Tier 3, Tier 4 or Tier 5 Visas Marriage Visitor Visa The maximum LTV for these applications is 75%. Applicants must be able to fund a minimum 25% deposit from their own resources. Gifts and builders cash backs are not acceptable, unless they are in addition to the 25%. For joint applications, the deposit from own resources can come from either or both applicants. For example, on a joint application with one applicant being a UK/EEA national, and the other without indefinite leave to remain (but with one of the above acceptable visas), the 25% deposit can come from either applicant. 75% LTV limitation does not apply if the second applicant is a non-EEA national without indefinite leave to remain and their income is not used on the application. A purple, blue or yellow registration certificate. Indefinite leave to remain in the UK. Return to top
The credit reference must cover all addresses for all parties in the last 3 years. Applicants who cannot provide an acceptable full 3 year UK address history cannot be accepted. The applicant must not be an undischarged bankrupt. Applicants who have been discharged for at least 3 years can be considered. Normally there should be no history of a repossession, either voluntary or enforced Return to top
The last annual mortgage statement (covering 12 months' payments) Where a mortgage statement covers less than 6 months payments and is over 6 months old. The last 3 months bank statements are required Where the above is unavailable an existing lender's reference is required Return to top
Remortgage offers are valid for 90 days. House purchase offers are valid for 180 days. This includes applications for new build properties (whether completed or not). Rate Switch offers are valid for 45 days. Return to top
Change
Proofs required
Nationwide solicitor changing to nonNationwide solicitor.
A letter from the new solicitor telling us they are now acting for the client.
Non-Nationwide solicitor changing to a Nationwide solicitor.
A letter from the old solicitor telling us they are no longer acting for the client. (If this isn’t possible, we’ll accept a signed letter addressed to Nationwide from your client confirming the changes.)
Non-Nationwide solicitor changing to another non-Nationwide solicitor.
A letter from the old solicitor telling us they are no longer acting for the client. A letter from the new solicitor telling us they are now acting for the client. (A letter from the client isn’t acceptable, the confirmation must come from the solicitors.)