Coronavirus (COVID-19) update
Nationwide are temporarily pausing new mortgage applications from customers looking to borrow more than 75% of a property's value. This applies to new customers purchasing or remortgaging a property, including first time buyers.
- You can find out more of the latest updates and advice on our dedicated Which? coronavirus information hub.
Nationwide mortgage customer ratings
The table below shows how Which? Recommended Provider Nationwide performed in our latest mortgage satisfaction survey.
We gathered feedback from real Nationwide customers on everything to do with their mortgage, from application process to value for money.
| Customer rating for: | Star Ratings |
|---|---|
| Customer service | |
| Application process | |
| Value for money | |
| Keeping you well informed | |
| Clarity of statements | |
| Transparency of charges | |
| Query and complaint handling | |
| Ability to overpay or underpay mortgage | |
| Online access | |
Star ratings based on a June 2019 Which? survey of 3,574 members of the general public, in which 372 people told us they had their mortgage with Nationwide. Where no rating is given the sample size was too small.
What kinds of mortgages does Nationwide offer?
When we checked in September 2019, there were around 450 mortgages available from Nationwide, an impressive number. Most were fixed-rate deals lasting two, three, five and 10 years.
Around a quarter of the mortgages available from Nationwide were tracker deals, lasting two or five years.
Does Nationwide offer interest-only mortgages?
Nationwide doesn’t offer interest-only mortgages to new customers, or existing customers looking to borrow more money.
Does Nationwide offer the best mortgage deals?
Which? analysis has found that Nationwide offers more cheap mortgages than the average lender.
In order to work this out, our experts analysed thousands of mortgages over a four-week period in August 2019. They compiled a total of 208 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.
The average number of times a lender made it into a table was 15, while Nationwide featured 34 times. (Data source: Moneyfacts.)
Interest rates on Nationwide mortgages
When we checked in September 2019, most mortgages from Nationwide were fixed-rate deals, meaning your interest rate is guaranteed to stay the same for a set number of years. These fixed-rate mortgages were available for two, three, five or10 years.
The average interest rate on a two-year fixed-rate deal from Nationwide in September 2019 was 2.12%, lower than the industry average of 2.77%.
When we asked Nationwide mortgage customers in June 2019 about the interest rate they were paying, six in 10 told us they were currently paying between 2% and 2.99%.
How much could I borrow from Nationwide?
Below we’ve outlined how much you could borrow from Nationwide, in relation to the percentage of the property’s value.
| Maximum loan size | Maximum loan-to-value |
|---|---|
| £500,000 | 95% |
| £750,000 | 85% |
| £1m | 80% |
| £2m | 75% |
For a new-build house, you could borrow up to £750,000 on an 85% mortgage, or £1m with an 80% mortgage.
For new-build flats, the most you could borrow is £1m at 75% of the property’s value.
Your income will also be a deciding factor in how much Nationwide could lend you. The most you could borrow is 4.75 times your gross income.
Can I make overpayments?
You can make overpayments of up to 10% of your original loan amount each year, without incurring an early repayment charge, on all Nationwide mortgages reserved on or after 29 May 2013.
There's no limit on overpayments if you reserve, or have reserved a Nationwide tracker mortgage on or after 2 May 2014, or if you have a standard variable rate mortgage (which Nationwide calls the Standard Mortgage Rate).
Nationwide calculates the interest you owe on a mortgage each day, so any overpayments you make will reduce the interest you owe the next day.
How can I contact Nationwide?
- Existing mortgage customers can call 0800 30 20 11.
- For new customers it's 0800 30 20 10.
- The website is nationwide.co.uk.
Nationwide mortgage eligibility
First time buyers
Nationwide will consider you to be a first-time buyer if you’re taking out your first mortgage, or haven’t had a mortgage in the last three years.
If you're applying with another person, both of you must meet the definition of a first-time buyer to be eligible for any discounts.
Mortgages for older borrowers
Nationwide offers a range of mortgages to customers who are age 55 and over:
- Retirement Capital & Interest - you repay the amount you borrowed, plus interest during the mortgage term.
- Retirement Interest Only - you pay interest every month, and repay the amount you borrowed when the last borrower moves into long term care or dies.
- Lifetime mortgage - you don’t need to make any monthly payments, unless you want to. The capital and interest is repaid when the last borrower moves into long term care or dies.
Find out more: how retirement interest-only and lifetime mortgages work.
How can Nationwide help me onto the property ladder?
Low deposit mortgages
Nationwide offers low deposit mortgages in its ‘Save to Buy’ range, where you’ll need a deposit of at least 5%.
Save to Buy mortgages are available to first-time buyers and home movers.
To qualify for a Save to Buy mortgage, you’ll need to have held a Help to Buy Isa with Nationwide for at least three months, or have a Save to Buy Isa/Savings account that was opened before 1 December 2015.
Mortgages from the Save to Buy range aren’t available if you’re purchasing a new-build property.
Family deposit mortgages
If you have a mortgage with Nationwide and want to help a family member onto the property ladder, you could borrow against part of the equity in your home with a Family Deposit Mortgage.
You can then gift this money to a family member to use as a deposit to purchase their own property, although they must also take out a mortgage from Nationwide.
Family Deposit Mortgages are available to first-time buyers and home movers.
- Find out more: how guarantor mortgages work.
