The Nationwide Building Society is extending its mortgage lending through brokers and online up to 85% loan to value (LTV).
The UK’s largest building society had temporarily withdrawn new customer lending above 75% LTV via broker or online.
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.
With valuers currently unable to carry out physical mortgage valuations, the society recently announced that it is carrying out as many valuations as possible using remote desktop and automated valuation model (AVM). This change reflects the Society’s confidence in undertaking valuations up to 85% using these alternative methods.
New customers can still apply to borrow up to 95% LTV by telephone and via Nationwide NOW, the society’s branch video service.
Existing members moving home, borrowing more or switching product can continue to borrow up to 95% LTV, while existing applications, where a product has already been reserved, will continue to progress.
Henry Jordan, Nationwide’s director of mortgages, said: “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.”