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UK's 2nd largest lender

Nationwide lent just under £36bn in 2018. That's 13% of all mortgage lending.

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8-day submission time

That's 8 days faster than the average of 25 lenders we measured.

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Borrow 4.75x your income

You could borrow up to this amount if you meet the lender's requirements.

About Nationwide Building Society

Nationwide Building Society is one of the UK’s largest mortgage lenders, responsible for 13.3% of all mortgage lending in 2018 - that’s around £36 billion. (1)

The financial institution began life in 1846, trading as The Provident Union Building Society. Its name was changed to Nationwide in 1991 after numerous mergers. Today, Nationwide claim almost a quarter of the UK population have a relationship with them. (2)

Nationwide’s mortgage deals are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit.

We’ve reviewed some of the UK’s top mortgage lenders and measured their service, application speed, and affordability.

In this review we'll cover:

Is Nationwide a good mortgage lender?

There are many ways to measure how good a lender is. We've chosen to focus on publicly available complaints data to estimate their quality of service.

We looked at Nationwide’s customer complaints record between July and December 2018. (3) During this period the Financial Conduct Authority (the financial regulator) received 3,931 officially upheld complaints from Nationwide’s mortgage customers. That’s around 0.2% of customers and is slightly lower than the 0.4% average across major lenders.*

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long does a Nationwide mortgage application take?

During the last six months the average speed that Nationwide made a lending decision for a Trussle customer’s mortgage application was 8 days. That’s less than the 16-day average across all the major lenders we’ve submitted applications to.

Bear in mind that the speed of application - and how long you’ll wait for a mortgage approval - will vary, depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months. This can also be impacted by the quality of application submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.

These details were last updated on 8th August 2019.

How much could I afford to borrow from Nationwide?

How much you can get for a mortgage will vary. But Nationwide could lend up to a maximum of 4.75 times income before tax, depending on your circumstances.

These details were last updated on 8th August 2019.

Nationwide's lowest mortgage rates

Nationwide mortgage rates will vary depending on the type of mortgage you’re recommended.

The following Nationwide mortgage rates are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.

Compare deals from all lenders >

Lowest 2 year fixed rate

1.74%

Initial rate

3.90%

Annual Percentage Rate of Charge (APRC)

Details

Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 24 month period, costing £964.19 per month for 276 months. Total amount payable is £285,301.75 including interest and fees. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Lowest 5 year fixed rate

2.14%

Initial rate

3.50%

Annual Percentage Rate of Charge (APRC)

Details

Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 60 month period, costing £944.16 per month for 240 months. Total amount payable is £274,786.75 including interest and fees. True cost based on a 60 month period. This deal was last updated on 1st March 2019.

Standard Variable Rate

4.24%

Standard Variable Rate (SVR)

Details

This rate was last updated on 1st March 2019.

Nationwide's best mortgage deals

The following Nationwide mortgage deals are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.

We’ve searched for the most competitive deals according to true-cost. This includes capital and interest repayments, fees, and incentives due over the initial period of the deal, and is a more effective way of comparing deals than looking for the lowest interest rate deal.

Compare deals from all lenders >

First-time buyer

£18,466.59

True cost over initial period

£782.16

Monthly payment

Details

Includes £194.75 upfront fee. 2.14% initial rate reverts to 4.24% SVR after initial 24 month period, costing £967.45 per month for 276 months. Total amount payable is £286,047.79 including interest and fees. That’s a 3.90% APRC. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Remortgage

£18,466.59

True cost over initial period

£782.16

Monthly payment

Details

Includes £194.75 upfront fee. 2.14% initial rate reverts to 4.24% SVR after initial 24 month period, costing £967.45 per month for 276 months. Total amount payable is £286,047.79 including interest and fees. That’s a 3.90% APRC. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Frequently asked questions (FAQs)

Updated on 15th May 2019.

Are Nationwide mortgages good?

A ‘good’ mortgage is one that meets your needs and is suitable for your circumstances. But you might also like to know how competitively priced Nationwide’s mortgage are compared to other lenders.

In our Mortgage Saver Review 2018 industry report, we ranked each lender’s lowest initial rate two-year fixed deal by lowest initial rate. Nationwide ranked 7th out of 72 lenders.

When we ranked each lender’s lowest true cost two-year fixed rate deal by true cost (repayments + interest + cashback - incentives), Nationwide came 2nd out of 72 lenders.

Bear in mind that lenders update their deals regularly, so it’s sensible to compare deals from all lenders when you’re looking for a new mortgage.

What kind of mortgages do Nationwide offer?

Nationwide offer a wide range of mortgage deals, including:

  • First time buyer

  • Home movers

  • Remortgage

  • Buy to let

  • Help to buy

  • Save to buy

  • Family deposit

  • Later life

  • Interest only

Do I need a Nationwide Mortgage in Principle?

When you consider getting a mortgage, it’s helpful to first get a Mortgage in Principle (MIP) - also known as a Decision in Principle (DIP), Agreement in Principle (AIP), or a Lending Certificate. This indicates how much a lender’s potentially prepared to lend to you.

You don’t need a MIP before getting a mortgage, but it can be helpful when proving how much you could borrow when speaking with estate agents.

A Nationwide MIP will last for 90 days and will involve a credit check, so you may want to do this after having an offer accepted on a home you’re looking to buy.

How much can I overpay on my Nationwide mortgage?

Making overpayments on your mortgage can help you reduce your outstanding balance and save on interest.

For mortgage deals secured since 29th May 2013, Nationwide allows an overpayment allowance of 10% per year of the original loan amount.

Tracker mortgages secured since 2nd May 2014 allow an unlimited overpayment allowance.

Your repayment could be one lump sum or smaller instalments over time, depending on which suits your situation.

Keep in mind that early repayment on some mortgages with Nationwide may incur an Early Repayment Charge. So you’ll want to check your original Key Facts Illustration (KFI) for the specific terms of your deal.

The Nationwide mortgage overpayment calculator (available here) is a handy tool to see how much you might be able to save.

How to overpay your Nationwide mortgage

Nationwide allow you to make overpayments in two ways.

You can either make regular overpayments by direct debit. This can be set up or cancelled on their website using their online form.

You can also make a one-off overpayment from your Nationwide or other bank account, by cheque, or even by cash if you pay at your local branch.

Before doing this, you’ll want to check what your overpayment allowance is. You’ll find details of this on your original mortgage offer.

When will my first mortgage payment be with Nationwide?

This varies, but they’ll let you know a week or so after you’ve moved in. You’ll receive a letter with all the details, including how much the first payment will be and when it’ll be taken from your account.

Your first payment reflects your normal monthly payment, but you’ll also likely need to cover interest for the days between your move-in date and the end of the month. This means, generally speaking, your first payment will be marginally higher than your normal amount.

Are Nationwide mortgages paid in advance or arrears?

When you make your Nationwide mortgage application - or your adviser applies on your behalf - you’ll be asked for your preferred payment date.

This can be set either at the beginning or the end of the month (specifically the 28th).

How long does a mortgage offer last with Nationwide?

Once your valuation is done, you generally have up to six months to complete your purchase.

Buying a home can be difficult, and you might experience any number of delays. It’s important to know how long your offer will be valid for so you know how quickly you need to finish the process.

Will Nationwide extend my mortgage offer?

A mortgage offer will typically be valid for up to six months, but sometimes you might experience unexpected delays when you’re buying or moving home.

In these cases, you may need to request an extension, but the lender’s decision will vary on a case-to-case basis.

How long does it take Nationwide to release mortgage funds?

Your seller will receive the money on completion day, meaning you’ll be able to move into your new home straight away.

Your completion day will depend on the agreement made between the seller’s solicitor and your own. They’ll do all the legal work and draw up the contracts to be signed by both parties, and you’ll pay your deposit for the property. You’ll then settle on a day to complete the exchange.

Once this completion day is agreed, Nationwide will notify you to confirm they’ve been informed. This may be a few days beforehand, as a way of making sure the money is ready.

Can I view my Nationwide mortgage online?

You can. Just log in to Nationwide’s Internet Bank, and you’ll be able to view a variety of account details, including:

  • monthly payments

  • statements and redemption date

  • interest added and interest rate history

You’ll also be able to make overpayments if you’re looking to reduce your outstanding balance.

When you’re using the Nationwide Internet Bank for the first time, make sure you have your mortgage account number to hand, as you’ll need it to register.

What happens when my Nationwide fixed rate mortgage ends?

At the end of your fixed deal, you’ll generally move onto a Standard Variable Rate (SVR) mortgage.

These rates can change with the mortgage market. This means your monthly repayments are likely to change, but they may also prove more flexible than a fixed rate. Your first course of action should be to check what you’re expected to pay. You can then make a decision as to whether you want to stay put or look elsewhere.

Do you need life insurance for a Nationwide mortgage?

No, but you may be expected to have buildings insurance. Buildings insurance is a type of home insurance, and it protects any permanent fixtures, including kitchens, bathrooms, and the structure itself.

The other type of home insurance is contents insurance, which covers all your personal belongings. There’s no requirement for contents insurance to get a mortgage with Nationwide, though they do advise having it for your own peace of mind. You may also be able to get a policy that covers both types.

Did Nationwide mis-sell PPI on mortgages?

There has been a lot of concern about the mis-selling of PPI, and Nationwide have put provisions in place for those with complaints.

Payment Protection Insurance, or PPI, applies to loans, mortgages, and credit cards, and protects the policyholder in case of accident, sickness, or unemployment. As a new mortgage applicant, however, there’s now more transparency in the application process to ensure you won’t be sold PPI unless you specifically request it.

How do I contact Nationwide?

Nationwide have a dedicated mortgage helpline (0800 302011). You can contact them Monday to Friday (8am-8pm) and Saturday (9am-5pm).

Their address is Nationwide Building Society, Nationwide House, Pipers Way, Swindon, SN38 1NW.

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Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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Sources

Deal and rate data was sourced by Trussle. All other information was sourced from Nationwide’s own website, unless referenced below.

  1. UK Finance

  2. Nationwide Jobs

  3. Financial Conduct Authority