08 December 2016
From Monday 19 December, The Mortgage Works will be making changes to our Buy to Let rental stress rate for new mortgage applications.
A stress rate of 5.50% (or pay rate +2% if higher) will now apply on all applications, unless:
The current stress rate of 4.99% will apply in the two scenarios above. For applications where overall Buy to Let lending with the Nationwide Group exceeds £1m, a stress rate of 5.99% will remain in place.
There won't be any impact as a result of these changes for customers seeking a product switch or transfer of equity, providing no additional borrowing is involved.
Securing current products
You can secure current products by submitting a Full Mortgage Application (FMA) before 8pm Saturday 17 December 2016.
FMAs submitted after this date will be processed using their increased rental stress rate.
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