View more on these topics

Nationwide re-enters restricted resale market

Nationwide-Building-Logo-Closeup-700x450.jpg

Nationwide is re-entering the restricted resale market and will make tweaks to its broker purchase and remortgage terms from next week.

The lender left the restricted resale market around two years ago.

Properties with restrictive covenants on title deeds, which dictate who the home can be sold to, will now be accepted.

The lender will also provide porting online for existing customers through intermediaries.

A Nationwide spokeswoman says: “Nationwide is planning to re-enter into restricted resale lending via intermediaries from next week, and Nationwide’s new build range can be accessed on a restricted resale basis.”

Nationwide will also introduce enhanced rates through intermediaries with Genuine Bargain Price lending, which applies to borrowers buying properties knowingly below market value.

This option bases the maximum LTV on the current market value of the property. This is restricted to 90 per cent on standard property, with restrictions that apply to new build properties.

In all cases, the discount must be a gift, not a loan, and there must be no conditions attached to the gift.

The lender will also give brokers access to unencumbered remortgages.

Recommended

Nationwide-building-2013-700x450.jpg

Nationwide grows lending 13%

Nationwide Building Society has announced gross lending of £23.6bn for the first nine months of its financial year, up 13.5 per cent on £20.4bn in the same period of 2014. The firm’s net lending was £6.7bn in the first three quarters of the financial year, up from £5.7bn in the corresponding period of 2014. Nationwide’s […]

Sign-Signing-Letter-Contract-Business-700.jpg

Your views: Nationwide plan is grist to advisers’ mill

Nationwide plan for two-tier advice system is grist to advisers’ mill Towards the end of last year there was a fair amount of interest in the mortgage market share secured by the intermediary sector in 2015. While predictions of 80-85 per cent might have been premature, last year is perhaps more likely to have ended […]

Ian Andrew 700x450

Nationwide sets out MCD changes

Nationwide has outlined how it will comply with the new rules introduced by the Mortgage Credit Directive. The society has confirmed it will use an updated KFI document, known as the KFI+, rather than the European Standardised Information Sheet. As the MCD requires lenders to provide the customer with a binding offer and a reflection […]

UK-Currency-Money-Coins-700.jpg

Legal & General launches 4.99% lifetime mortgage

Legal & General is launching a lifetime mortgage with a 4.99 per cent annual equivalent rate. The lender’s Premier Flexible product is a drawdown lifetime mortgage that lets borrowers with homes worth more than £533,000 to release some of the wealth stored in their property, subject to a minimum loan amount of £200,000. The 4.99 […]

A question of service

Roy Armitage, head of credit, LendInvest Selling a loan is the part of a lender’s workload most visible to brokers and borrowers. Just as crucial – but less frequently observed – is how that lender services that loan. A commitment to quality servicing is one that’s front and centre for us at LendInvest and it’s […]

Newsletter

News and expert analysis straight to your inbox

Sign up