Nationwide has emailed some of its members with details of a £500 cash boost, offering them a choice between a straight cashback payment or having their standard legal fees covered at no cost.
The building society is encouraging homeowners to explore their options as their existing mortgage deals draw to a close, cautioning that remaining on an expired deal could see monthly repayments rise sharply. In an email distributed to members, Nationwide pointed out that it takes "just 20 minutes" to get started and see what financial deals are on the table.
What the offer includes
The message to customers 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 adds: "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."
Eligibility and criteria
The £500 cashback is available to those who opt to remortgage, meaning transferring an existing home loan from another mortgage provider across to Nationwide. According to the building society's website, homeowners may wish to consider making the switch to receive the payout if the fixed rate on their existing mortgage is drawing to a close, or if they are simply seeking a new deal that could put money back in their pocket.
Further reasons to remortgage include needing to borrow additional funds for home improvements, consolidating existing debts, or releasing equity against a mortgage-free property.
Loan-to-value limits
Customers switching their lender to Nationwide could be eligible for up to a 95% loan-to-value (LTV) mortgage, meaning they can remortgage up to 95% of the current total value of their property. However, there are stringent criteria that must be met to secure this top rate. The 95% LTV is only available provided you are not looking to borrow additional funds simultaneously, have no secured debts, and are not still repaying a second-charge mortgage.
Should any of those financial circumstances apply, the maximum you will be able to remortgage is up to 90%. Nationwide also states that all applications are subject to standard affordability assessments and eligibility criteria, and that terms and conditions apply to both the £500 cashback and the free legal fees offer.
