How much will they let you borrow?

Nationwide caps maximum mortgage borrowing at 4.75 times salary for most borrowers, but will increase that to 5.5 times annual income for some existing customers. The lower income multiple may, however, be used for self-employed people and shared equity agreements.

Lending criteria

The eligibility criteria may vary depending on what type of mortgage you are applying for, but Nationwide’s general requirements for residential mortgage applicants can be found below:

• Deposit requirements: The minimum amount of deposit you will need is 5% of the property’s value, but rates will likely improve if you can put down more.
• Credit history: Nationwide can offer bad credit mortgages, depending on the age and the severity of the adverse credit in question. For example, they will consider lending to someone with an IVA that was discharged three-to-six years ago but those with current/ongoing debt management plans will be declined.
• Age: The oldest applicant cannot be aged over 70 at the time of application, or be over 75 at the end of the term. For existing borrowers, the maximum age is 85.
• Trading history: Borrowers who are classed as self-employed must present at least two years’ accounts to evidence their income for the affordability assessment.

Buy-to-let mortgage range

Nationwide offers buy-to-let mortgages through its subsidiary, The Mortgage Works. Their product range includes bespoke deals for the following purposes:

• Buy-to-let mortgages for purchases and remortgages
• First-time landlord mortgages
• Let-to-buy agreements
• Large portfolio mortgages
• Purchasing through a limited company
• Buying specialist property types, such as HMOs

The standard interest cover ratio for a Mortgage Works buy-to-let mortgage is 130% for lower rate taxpayers and limited company applicants, 165% for higher rate taxpayers and 175% for HMO buyers regardless of their tax status. Stress rates may vary.

Does Nationwide have good reviews from mortgage customers?

Yes. Nationwide currently holds a score of 4.5/5 from its mortgage customers on TrustPilot. They also have an average rating of 4.3/5 on Smart Money People, and were ranked in 1st place out of 22 lenders in a review of the mortgage market by consumer group Which?

Pros and cons

The table below shows the advantages and disadvantages of Nationwide as a mortgage lender to give you an idea of whether they are the right option for you:

Compare Nationwide mortgages for free

Teito offers a free service that allows you to compare rates and deals from Nationwide with their competitors from across the market and choose the mortgage you want.

Follow the steps below to start comparing rates and deals today:

Get started here: Then select whether you are looking for a two-year fixed-rate mortgage to buy a property or for remortgage purposes.

Specify the purpose of the property: You can compare two-year fixed-rate mortgages for residential or buy-to-let purposes, as well as remortgages.

Choose your own mortgage: Finally, tell us what stage you are at in the process and you can compare rates from across the market and choose the deal you want.

After you have selected a mortgage deal, one of our mortgage brokers will check over your application before securing an agreement in principle for you. They will be on hand to offer bespoke advice, make sure you’re getting the best deal, and oversee your application.