Company Overview
Nationwide Building Society is the world's largest building society and one of the UK's most trusted financial institutions. As a mutual organization owned by its members, Nationwide operates for the benefit of its customers rather than shareholders, focusing on providing excellent value and service.
Key Highlights
- Founded in 1884 as Nationwide Building Society
- World's largest building society with over 16 million members
- Mutual organization owned by members, not shareholders
- Consistently rated highly for customer service and satisfaction
- Strong commitment to supporting first-time buyers and communities
Mutual Benefits
As a building society, Nationwide is owned by its members and operates for their benefit. This means better rates, lower fees, and a focus on long-term value rather than short-term profits for shareholders.
Mortgage Products
Residential Mortgages
- Fixed-rate mortgages (2, 3, 5, and 10-year terms)
- Tracker mortgages following Bank of England base rate
- First-time buyer mortgages with low deposit options
- Help to Buy equity loan mortgages
- Shared ownership mortgages
- Family mortgages with guarantor options
- Remortgage products with competitive rates
Specialist Products
- Buy-to-let mortgages for property investors
- Self-build mortgages for custom projects
- Later life lending for older borrowers
- Green mortgages for energy-efficient properties
- Professional mortgages for key workers
Member Benefits
Exclusive benefits for building society members
Family Mortgages
Family-friendly products with guarantor options
Award-Winning Service
Consistently rated for excellent customer service
Competitive Rates
Market-leading rates with member benefits
Key Features & Benefits
Mutual Advantages
- Member ownership means focus on customer benefit, not shareholder profit
- Consistently competitive rates and lower fees
- Award-winning customer service and support
- Democratic governance with member voting rights
- Community focus and social responsibility
- Long-term stability and conservative approach
Mortgage Features
- Competitive interest rates across all product ranges
- Fee-free mortgage options available
- Flexible overpayment facilities up to 10% annually
- Payment holidays available (subject to criteria)
- Porting options for moving home
- Family mortgage products with guarantor support
Advantages
- Member-owned mutual benefits
- Excellent customer service reputation
- Competitive rates and low fees
- Innovative family mortgage products
- Strong financial stability
- Community-focused approach
Considerations
- Limited specialist lending products
- More conservative lending approach
- Smaller branch network than major banks
- May have stricter criteria for some products
- Limited commercial lending options
Lending Criteria
Eligibility Requirements
- Age: 18-75 years at application, maximum age 75 at end of term
- Income: Minimum £15,000 per annum for residential mortgages
- Employment: Employed, self-employed, or retired with proof of income
- Residency: UK residents with at least 3 years UK address history
- Deposit: Minimum 5% for residential, 25% for buy-to-let
Assessment Criteria
- Maximum loan-to-income ratio of 4.5 times annual income
- Comprehensive affordability assessment including all expenditure
- Credit score and history evaluation
- Stress testing at current rate plus 3% buffer
- Property valuation and location assessment
- Consideration of existing financial commitments