Nationwide has announced it is temporarily withdrawing high LTV mortgage lending to focus on supporting its existing members and processing ongoing applications during the coronavirus crisis.
The move, which will not impact any existing applications and is set to come in from Tuesday 31 March, means all Nationwide’s fixed rate and tracker mortgages above 75% LTV will be withdrawn from sale – either online or via brokers – for remortgage, first time-buyer and new house purchase customers.
Nationwide added that existing members who are moving home, taking further borrowing or switching product will not be impacted by the changes, and that the temporary withdrawal will also apply to the society’s buy-to-let arm, The Mortgage Works. The society will continue to offer mortgages at 75% LTV and below.
Sara Bennison, who is responsible for Nationwide’s products and propositions, commented: “As the UK’s second largest mortgage lender, and as a member-owned organisation, we need to maintain the levels of service expected of us in the face of an extremely high number of enquiries about existing mortgages and ongoing applications.
“That is why we have taken this decision on a temporary basis although, by continuing to offer home loans up to 75% LTV, we can continue supporting the housing market.
“We continue to monitor for any updates to government advice, and in this ever-evolving situation, we ask members and brokers to bear with us and thank them for their patience.”
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