Nationwide has announced it is extending its mortgage lending through brokers as well as online up to 85% loan-to-value (LTV).
 
The move means new customers wishing to remortgage, as well as first-time buyers and new house purchase customers choosing to apply via broker or online, can now borrow up to 85% LTV.
 
Nationwide had temporarily withdrawn new customer lending above 75% LTV via broker or online, which the society suggested enabled it to focus support on existing members and process ongoing applications during the ongoing pandemic.
 
With valuers currently unable to carry out physical mortgage valuations, the society recently announced it was carrying out as many valuations as possible using remote desktop and automated valuation model (AVM). Nationwide said this change “reflected its confidence” in undertaking valuations up to 85% by using alternative methods.   
 
The society also announced that new customers can still apply to borrow up to 95% LTV by telephone or via Nationwide NOW – the society’s high-definition branch video service.
 
Nationwide director of mortgages, Henry Jordan, commented: “We continue to focus on supporting existing mortgage members and customers and ensuring that ongoing applications can be processed as quickly as possible.

“However, as the UK’s second largest mortgage lender, it is right that we still play an active role in the market, while maintaining the levels of service expected of us, during what are unprecedented and evolving times.

“That is why we have increased our loan-to-value limit on applications made through intermediaries and online, all while continuing to offer up to 95% borrowing for existing members and for new customers via our phone and Nationwide NOW channels.”

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