Nationwide has contacted many of its members explaining how they may be able to secure a £500 cash incentive. The building society is encouraging homeowners to review their options as their existing mortgage deals expire, cautioning that remaining on an expired deal can result in sudden monthly payment increases.
In an email distributed to members, Nationwide stressed that it takes "just 20 minutes" to begin and discover what financial offers are available. As an incentive to encourage switching, the lender is providing customers with a choice between a direct £500 cashback payment or having their standard legal fees covered at no cost.
What the email tells members
Part of the email sent reads: "Comparing deals can make a real difference to what you pay each month. What matters most is finding the option that suits your needs. Whether you prefer the certainty of a fixed-rate mortgage or the flexibility of a tracker that moves with the market."
It continues: "Take a few minutes now to find the deal that supports you best. When you bring your mortgage to us, you can choose between £500 cashback or free standard legal fees."
Who qualifies for the payment and why
The £500 cashback is accessible to those who opt to remortgage, meaning transferring your current home loan from another mortgage provider to Nationwide. According to the building society's online information, homeowners may wish to contemplate switching to secure the payment if their current mortgage's fixed term is expiring, or if they're seeking a fresh arrangement that might reduce their costs.
Additional motivations for remortgaging include needing extra funds for property renovations, combining existing debts, or releasing equity from a fully-owned home.
Rules around lending
Clients transferring their lender to Nationwide could obtain up to a 95% loan-to-value (LTV) mortgage. This permits you to remortgage up to 95% of your property's present total value.
However, there are strict requirements to achieve this maximum rate. You can only access the 95% LTV provided you aren't seeking to borrow additional funds simultaneously, have no secured debts, and aren't currently repaying a second-charge mortgage. Should any of these financial circumstances be relevant to you, the absolute ceiling you can remortgage is up to 90%.
Nationwide states that all applications are subject to standard affordability checks and eligibility criteria, and that terms and conditions apply to both the £500 cashback and the free legal fees offer.
