Nationwide streamlines range and unveils broker exclusives via TMW

14 June 2010 | By Robert Thickett

Nationwide Building Society revealed last week that it is simplifying its mortgage products and launching an exclusive prime range through The Mortgage Works.

The core product range will now be available via telephone, the society’s branches and brokers. The range includes two, three and five-year fixed rates, and two and three-year tracker deals.

The two-year products come with a choice of £896 or no product fee. Meanwhile, a £500 fee discount is available for first-time buyers on three and five-year fixed rates, and three-year tracker products.

The lender has also introduced maximum loan sizes for LTVs at 80%, 85%, 90% and 95%.

Nationwide recently launched an advertising campaign featuring characters from sketch show Little Britain, including the notoriously vacant Vicky Pollard.

Jonathan Cornell, head of communications at First Action Finance, says: “Now Nationwide has won Vicky Pollard as a customer it is great to see that it has created a product range simple enough for her to understand.

“Far too many lenders offer direct clients a range so complicated that borrowers can find it difficult to see the wood for the trees.”

He adds: “By giving brokers access to a more expansive and complicated range Nationwide is allowing borrowers seeking professional advice to benefit from a broader range of options.”

TMW’s prime range includes a two-year tracker with no early repayment charges from 2.99% up to 75% LTV, and a range of two, three, four, five and seven-year fixed rate mortgages from 2.59%.

It also features free valuations on purchases, capped trackers, ERCfree trackers, a range of cashback options and a lifetime variable rate.

Paul Howard, head of corporate accounts at Nationwide, says: “This is an extensive range of deals and we think customers will find it useful.
“And what’s more, they will only be able to access these products via the broker channel.”

James Harries, sales and marketing director at Manor Mortgages, says: “To see a lender as big and influential as Nationwide make an announcement that shows such a clear commitment to brokers is heartening indeed.

“I hope it’s something that other banks and building societies take note of.”

If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat