Nationwide to highlight direct and broker channels in maturity letters

Nationwide Building Society is to begin contacting introduced mortgage customers who are reaching the end of their term, informing them of their options for switching to a new product, including using intermediaries.

In the 12 week ‘maturity’ letters, the lender intends to remind borrowers who initially used a broker that they can go direct to the lender or via a broker if they choose to move their mortgage to one of Nationwide’s switcher products.

This brings Nationwide’s approach inline with those of its buy-to-let arm, The Mortgage Works.

Nationwide director of intermediary relationships says: “We wanted to make it clear to our members that they have a number of options when it comes to the channel they choose, should they decide to switch to another Nationwide product at maturity. As a result, from March our future 12 week mailings will be changed to reflect this.

“This positive change is one of a number we have delivered recently, including reducing the time to process procuration fees and streamlining application processes, which further demonstrate our ongoing commitment to the intermediary community.”



Nationwide to process proc fees weekly

Nationwide Building Society will process procuration fees weekly from 19 February. Proc fees will be processed every Monday for house purchases and remortgages. This means brokers will get paid between 14 and 20 calendar days after completion, rather than the current 15 and 46 days. Procuration fees for product transfers will be received on the […]


Nationwide’s lending dips as buy-to-let changes bite

Nationwide Building Society has reported a dip in mortgage lending between April and December 2017, blaming a slower buy-to-let market and tough competition over rates. The building society has just published its results for the first three quarters of its 2017/18 financial year, which revealed that gross mortgage lending slipped to £24.1bn in April-December 2017, […]


Nationwide reinstates free legals for remortgage

Nationwide will reintroduce free legals for remortgage customers as of tomorrow, 8 February.   Last year Nationwide temporarily withdrew the free standard legals option for remortgage customers. It concurrently increased the cashback alternative from £250 to £500. The Society will maintain this higher cashback option while it reinstates free standard legals on remortgages, so consumers can […]

Financing properties owned in trusts

Part of a series looking at various niche markets within the buy-to-let sector where choice of lender is more restricted than for normal borrowers. One such area involves loans secured on residential properties owned through trusts. Properties can be held in trust for many reasons. For example, if a property is left to minors in […]


News and expert analysis straight to your inbox

Sign up
  • Post a comment
  • Stuart Gregory 21st February 2018 at 1:26 pm

    Will they be bringing back the additional cashback they only used to offer borrowers if they went to them directly for a product switch instead of using a broker?? #LongMemory

  • Derek Frost 21st February 2018 at 11:08 am

    So, I presume the sentence wording of this letter will be “direct to the lender or via a broker “, as opposed to “via your broker, or if you prefer, direct to the lender”? Of course it will!