Nationwide is giving brokers access to its further advance product range from December 1.
The range will be available up to 85 per cent LTV, with rates the same as its existing further advance products available directly from the lender.
The building society also said it will pay its full new business procuration fee rates on further advances, with a minimum fee of £100.
Ian Andrew, director of intermediary relationships at Nationwide, said: “We know that having access to our further advance products is important to brokers given their continuing popularity with clients.
“We’ve listened to that feedback and have been working hard over the last few months to make the necessary changes and are delighted that we can now launch this proposition to brokers.”
Mr Andrew added: “Brokers remain very important to us and that is why we have continued to expand our product offering throughout this year, including the introduction of interest only products exclusively to brokers.
“With all these positive additions, and as we look to further expand our offering in the future, they can be confident that Nationwide has a suitable option for whatever their clients need and will continue to strongly support the intermediary sector.”
Nationwide mortgage clients who want to borrow more are currently required to speak to the building society directly.
Andrew Montlake, managing director at Coreco, said: “This change will give brokers the ability to continue to look after their clients and deepen the relationship further, which is much needed in the current trying times.”
David Hollingworth, associate director, communications at L&C Mortgages, also commented: “Brokers need as many tools in their kitbag as possible to be able to provide the most tailored solutions for their customers in an increasingly complex market.
“Lenders can’t afford to stand still in a fast-paced market and Nationwide’s continued expansion of product options is very welcome, demonstrating the importance it places on working with its intermediary partners to deliver the best results for customers.”
The expansion of the broker range comes after the building society added interest-only products to its residential remortgage range exclusively to brokers in April.
Further advance rates as of November 25
| Fixed | Tracker | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2 Year | 5 Year | 10 Year | 2 Year | ||||||
| £999 | No product fee | £999 | No product fee | £999 | No product fee | £999 | No product fee | ||
LTV | 60% | 1.29% | 1.74% | 1.39% | 1.79% | 2.34% | 2.44% | 1.39% | 1.84% |
| 75% | 1.59% | 1.99% | 1.69% | 1.99% | 2.49% | 2.59% | 1.69% | 2.09% | |
| 80% | 2.14% | 2.44% | 2.44% | 2.69% | 2.79% | 2.89% | 2.24% | 2.54% | |
| 85% | 2.99% | 3.24% | 3.24% | 3.44% | 3.44% | 3.54% | 3.09% | 3.34% | |
chloe.cheung@ft.com
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