Member Article

Nationwide’s mortgage shake-up good news for borrowers

UK mortgage provider Nationwide has confirmed a big mortgage criteria shake-up that sees the lender heading back into the restricted resale market for advisers.

The lender has announced plans to launch a number of criteria changes to its intermediary purchase and remortgage propositions this month.

Nationwide for Intermediaries does not currently accept applications on properties carrying the covenants. However, following the changes, they will accept homes which have restricted covenants attached to their title deeds, which specify who the property can be resold to.

Richard Rutherford, Mortgage Manager for Gale and Phillipson said this latest news from Nationwide was welcomed for the market.

“This is one of numerous recent positive changes to lenders criteria which shows that lenders are becoming more confident in the mortgage market. This opens up more choices for borrowers which can only be good news and it will be interesting to see the response from other lenders.”

This was posted in Bdaily's Members' News section by Gale and Phillipson .