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Nationwide Mortgages Reviewed

Nationwide Building Society (The third biggest UK mortgage lender)
There are over 100 mortgage lenders in the UK, with Nationwide being one of the largest. They offer mortgage deals to a vast range of people and it might be that they're the right lender for you.
In this guide:
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    In this guide, we will take a closer look at one of the Best Mortgage Lenders UK Nationwide Building Society provide you with information on the types of mortgages they offer and the benefits of choosing this particular lender.

    For more information on Nationwide and all of the other mortgage lenders on the market, talk to a member of our friendly team. We will let you know which lender is currently offering the best deals and interest rates to somebody in your particular situation to ensure you make savings when you eventually take out a mortgage.

    About Nationwide

    Nationwide first opened its doors way back in 1884, although at that time they were known as the Co-Operative Building Society.

    Over time, they grew in size after merging with other building societies and in 1970, they officially became the Nationwide.

    In 2022, they had around 16.3 million members and they provided 11.1% of all mortgages in the UK. More facts and figures can be found on Nationwides 2022 Review here >

    Nationwide offer a wide range of mortgages, with the majority being fixed-rate deals. Unfortunately, you might struggle to get a mortgage with them if you have bad credit, although this will depend on the severity of your credit issues and your current circumstances.

    Compare Nationwide mortgages

    Nationwide offers the following types of mortgages:

    Nationwide offer a range of mortgages to first-time buyers, home movers, and those looking to remortgage, including the mortgage types that are listed below.

    Looking to complete a Nationwide Mortgage Switch?

    Fixed-rate mortgages

    With a fixed-rate mortgage, your interest rate will be set for a fixed amount of time. As such, your monthly repayments will stay the same for the duration of your mortgage deal, so this might make it easier for you to manage your finances.

    Applicants to Nationwide can choose between 2, 3, 5, and 10-year fixed-period mortgage deals.

    Tracker rate mortgages

    With a tracker mortgage, the interest rate will rise and fall at the same time as the Bank of England base rate. This type of mortgage can be appealing when the base rate is low but there is the danger that your monthly payments could become unaffordable if the rate increases.

    Cashback mortgages

    If you’re a first-time buyer and you complete a mortgage with Nationwide, they will (at the time of writing) give you £500 cashback.

    You may also be eligible for £500 cashback if you remortgage with Nationwide unless you opt for their free standard legal fees option instead of their money-back offer.

    90% LTV mortgages

    Saving for a deposit can be hard, especially for first-time buyers, and that is why Nationwide offers 90% LTV mortgages to eligible applicants.

    The maximum borrowing for a 90% LTV mortgage is £750,000. If you want to borrow more than this, you would need a mortgage with a lower LTV.

    The maximum LTV offered by Nationwide is 95%, which can make it even easier for you to afford a deposit. The maximum borrowing amount for this size LTV is £500,000.

    With a Nationwide buy-to-let mortgage, you can buy a property that you intend to rent out to tenants.

    Nationwide offer these mortgages through The Mortgage Works, which is the buy-to-let subsidiary of Nationwide Building Society.

    The loan-to-value ratio (LTV) is the percentage of the property value that is covered by your mortgage.

    So, in the case of a 95% LTV mortgage, Nationwide would lend you 95% of the property’s value, which you would then pay back (with interest) via your monthly mortgage payments. If the property you wanted to buy costs £200,000, for example, Nationwide would lend you £190,000 for a loan-to-value of this size. You would need to cover the remaining £10,000 with your deposit.

    The table below indicates what borrowing amounts you may be eligible for with different loan-to-value sizes.

    Maximum LTVMaximum loan size (5-year fixed)Maximum loan size (other products)
    95%£500,000£500,000
    90%£750,000£500,000
    85%£1,500,000£750,000
    80%£1,500,000£1,000,000
    75%£5,000,000£1,000,000 (£999 fee)
    £2,000,000 (no fee)
    60%£5,000,000£1,000,000 (£999 fee)
    £2,000,000 (no fee)

    Our expert remortgage advisors have written a very helpful guide on the process of a Nationwide Remortgage.

    There are two ways to find the best deals on mortgage rates.

    You can visit the website of each mortgage lender and use their online mortgage rate calculators. This will give you an estimate of the mortgage rates they offer to eligible customers, including the rates on their best deals. For up-to-date information on what Nationwide is offering, you can access their calculator here.

    Alternatively, you can use the services of a mortgage broker, such as YesCanDo Money. We are a whole of market mortgage broker so have access to the majority of lenders on the mortgage market. We will compare Nationwide’s mortgage deals with those offered by other lenders and advise you on which deals come with the lowest interest rates. We will also give you advice on the steps you need to take to secure a mortgage with the lowest rate of interest.

    Is Nationwide a good mortgage lender?

    In a recent mortgage lender satisfaction survey carried out by Which?, Nationwide ranked joint first with a customer score of 80%.

    After gathering feedback from Nationwide customers, Which? rated them highly in several areas, including value for money, customer service, and complaints handling.

    However, Nationwide rarely offer the cheapest rates, according to a survey carried out by Which? so if you’re looking for the most affordable loan, you may need to widen your net further. Our mortgage advisors at YesCanDo Money can help you in this regard so get in touch with our team to benefit from our services.

    Check out other review sites such as TrustPilot for other feedback from Nationwide customers to determine how ‘good’ a lender they are.

    top mortgage lenders UK market 2022

    The application for a Nationwide mortgage can take around 20 minutes to complete.

    You can begin your mortgage application on Nationwide’s website and complete it at your own pace. Alternatively, you could pop into their branch and talk to an advisor or speak to a member of our team who will make the application on your behalf.

    When you apply for a mortgage, you will need various documents to hand. These will include:

    • Documents that evidence your employment income, such as your payslips if you’re employed or HMRC tax calculations if you’re self-employed

    • Proof of other income, such as any benefits you’re eligible for

    • Bank statements to evidence your income and outgoings

    • Proof of ID, such as your driving licence and passport

    The timeframe from application to offer is usually 2 weeks but it could be shorter or longer, depending on your situation and the complexity of your application.

    The team at YesCanDo Money can assist you throughout the mortgage application process, from helping you get a Decision In Principle to completing the mortgage application on your behalf. We can also advise you on the steps you need to take to secure a mortgage from Nationwide.

    Banks and building societies typically use income mortgage multiples when working out what their customers can afford to borrow. This is your annual salary multiplied by 3, 4, 5, or higher. 

    In 2022, Nationwide increased their mortgage borrowing to 6.5 x income. However, this income multiple is only for those who are remortgaging from an existing mortgage deal. The new loan has to be at the same level as their previous loan and it must be for a property with an LTV that is up to 90%.

    For all other circumstances, the income multiple will be lower and it will vary, depending on the LTV of your mortgage and other factors.

    Please note: The amount you’re allowed to borrow won’t only depend on the income multiple and your annual salary. When checking your application against their criteria, Nationwide will also consider the following when deciding on a figure.

    • Credit history

    • Age

    • Deposit size

    • Regular outgoings

    • Debts

    Yes, Nationwide offers Mortgage in Principle (MIP). This document provides an estimate of how much loan they might offer you depending on your financial circumstances and can help when house hunting as it shows estate agents and sellers that your borrowing power could increase over time. Learn more about Nationwide Mortgage in Principle here >

    Nationwide mortgage overpayments are available on certain mortgage products to help save on interest and pay it off more quickly. Your overpayment allowance varies based on your mortgage product; exceeding it may result in an Early Repayment Charge.

    Mortgage Adviser - Tom

    Why my customers love Nationwide mortgages

    Tom (YesCanDo Mortgage Adviser)
    I am a mortgage advisor and recetly I worked with a first-time homebuyer seeking to purchase a flat in London. The client was a dentist employed through the NHS on a fixed-term contract, which initially posed a challenge to her mortgage application. As her mortgage advisor, I approached Nationwide and successfully persuaded them to view her as a permanent employee due to her stable employment within the NHS. We then proceeded to apply for the Nationwide Helping Hand program, specifically designed to support borrowers in need of additional financial assistance. By leveraging the Helping Hand program, the client was able to secure a larger loan amount than she would have otherwise been eligible for, ultimately allowing her to purchase the desired property in London. This case highlights the importance of seeking tailored mortgage advice to navigate unique employment situations and maximise borrowing potential. Working closely with the client and the lender, we were able to devise a solution that helped the first-time buyer achieve her homeownership dream in a competitive market.

    Nationwide Mortgage Calculator

    Need help figuring out your mortgage payments or your affordability? No problem! Our two simple and easy-to-use mortgage calculators can give you a precise estimate in no time.

    Frequently Asked Questions

    Getting a mortgage with Nationwide can be difficult if you don’t meet their criteria. You might still be eligible for a loan from other UK mortgage providers though, so if Nationwide does turn you down, you might have a better chance elsewhere. For further details, get in touch with our team.

    Nationwide mortgages may be out of reach of those who:

    • Have bad credit (especially if they are on a debt management plan)

    • Are self-employed with less than 2 years of accounts

    • Want to improve their affordability with commission and bonus income

    • Want to buy a house that isn’t worth the asking price

    • Don’t have enough address history

    • Don’t have the ability to pay off their mortgage

    Even if you do meet Nationwide’s criteria, it’s still worth comparing their deals with those offered by other mortgage providers, as you may get a better offer elsewhere. Speak to our team to discuss all of your options.

    We will give you advice based on your personal situation, with suggestions on what to do to maximise your chances of approval with Nationwide or another mortgage provider.

    The interest rate you are offered will depend on a number of factors. These include:

    • The type of mortgage you choose

    • The mortgage term

    • Your credit score

    • The price of the property you want to buy

    • The size of your deposit

    After you have secured a mortgage with Nationwide and you eventually reach the end of your fixed rate or tracker deal, you will move onto Nationwide’s Standard Mortgage Rate (SMR) or Base Mortgage Rate (BMR). The type of rate you move onto will depend on the date you reserved your current mortgage.

    The current Nationwide SMR is 6.99% and the current Nationwide BMR is 5.50%.

    It’s wise to remortgage to another loan when your current offer ends, as you will end up paying more on interest if you don’t make the switch.

    To save money, get in touch with our team in advance of any application. We will compare Nationwide mortgages with the loans offered by other providers and will advise you on the steps you need to take to qualify for the lowest interest rates.

    Outside of your regular mortgage payments, Nationwide will also let you make overpayments on your mortgage if you have the funds to do so.

    By making overpayments on your mortgage, you will reduce the total amount of interest you have to pay and be one step closer to a mortgage-free property.

    Nationwide will allow you to make overpayments on your mortgage, either as a one-off sum or via regular payments throughout the year. This will be good news for you if you’re hoping to get your mortgage paid off early.

    Please note: Before overpaying on your mortgage, you should check Nationwide’s mortgage overpayment allowance. If you exceed this, you may be subject to their early repayment charge and this could be up to 7% of your outstanding mortgage debt.

    We can give you up-to-date advice on Nationwide’s overpayment allowance, so speak to a member of our team for advice and support.

    Yes, if you need a break from paying your mortgage, perhaps because your income has dropped, Nationwide may be willing to pause your monthly payment or let you reduce it for a short amount of time.

    A payment holiday can last from 1 month to 12 months. Your mortgage paperwork will include details of the term length and your eligibility.

    Yes, if you decide you want to sell your existing property before your mortgage has been paid off, Nationwide may allow you to port your mortgage to your next home. Learn more about this process on our page Nationwide Porting Mortgage Explained

    Fee Free Mortgage Advisor Team

    Nationwide Mortgage Advisors

    We offer FREE dedicated support throughout out the mortgage process, we have full-market access to the best mortgage rates & deals. We do everything for you, for free!

    OR FILL IN OUR FORM

    Let us know what the best time is for us to call you. We will get one of our mortgage advisors will be in touch to talk through your situation and available options.

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    Grant Humphries (CeMAP)
    Grant Humphries (CeMAP)

    Grant Humphries (CeMAP) is a proficient Mortgage & Protection Adviser at YesCanDo Money. With a career spanning since 2001, Grant has honed his expertise in understanding mortgage lenders' criteria, complex financial situations, and the nuances of the mortgage market. His deep knowledge enables him to provide tailored solutions, especially for professionals and those with unique financial profiles. At YesCanDo, Grant's commitment to excellence is evident. He takes pride in guiding clients through their mortgage journey, ensuring they feel confident and informed at every step. From first-time buyers to seasoned investors, Grant's analytical approach and dedication make him a trusted adviser in the financial landscape

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