The Nationwide Building Society is launching a new loyalty initiative for customers converting their existing main residence into a buy-to-let through The Mortgage Works (TMW) to rent out, while at the same time purchasing a residential property to live in.
A new set of dedicated loyalty Let to Buy products will be launched tomorrow (3 June) through TMW, part of the Nationwide Group. Customers will now have the opportunity to apply simultaneously for a Let to Buy mortgage on their existing property with TMW as well as the onward residential mortgage for their new property through Nationwide.
Those customers remortgaging their current home as a buy-to-let with TMW and completing their new residential mortgage through Nationwide will be rewarded with a £250 loyalty cashback.
It is the first time Nationwide has offered a dual-branded proposition combining both Nationwide’s residential mortgage arm and the Nationwide Group’s specialist lender TMW.
Paul Wootton, head of specialist lending, said: “Nationwide is taking a joined-up approach to helping home movers turn their existing home into a buy to let, while purchasing a new home in which to live. We are making it easier and more flexible for our customers to complete the process of securing two different types of home loan at the same time, helping those who may wish to live elsewhere but want to turn their existing property into an investment opportunity.
“Customers who complete both transactions through the Nationwide Group will receive a £250 cashback as a loyalty reward. This could help assist with moving costs or added legal fees that can be associated with completing two mortgages at once.”
Customers will be able to apply for a new residential mortgage with Nationwide of up to 85% loan to value (LTV) when applying for a TMW Let to Buy loan. The new Let to Buy loyalty products, and the new Nationwide process, are available only through intermediaries and will be available to both existing mortgage customers and those new to Nationwide.
In addition, all TMW Let to Buy mortgage customers will receive a free standard valuation as part of a revised range.