From today, Nationwide have cut their rates on additional green borrowing for existing Nationwide mortgage customers. You can borrow between £5,000 - £25,000
at a rate of 0.75%
over a 2 or 5 year period, with loan to value (LTV) up to 85%
and no product fee
. To qualify you must spend at least 50%
of your additional borrowing on energy efficient home improvements e.g. electric car charging point, cavity wall insulation, double glazing/replacement windows, loft insulation etc2-5 Year Green borrowing rate changes 25/03
- 60% LTV - rates reduced from 1.15% to 0.75%
- 75% LTV - rates reduced from 1.45% to 0.75%
- 80% LTV - rates reduced from 2.0% to 0.75%
- 85% LTV - rates reduced from 2.55% to 0.75%
- (ERC) if you overpay by more than 10% of your original mortgage balance in a year, or if you exit your mortgage early.
- Standard Mortgage Rate reverts to 3.59% after the 2 or 5 year period
Features and benefits
To apply for a Green Additional Borrowing mortgage
- There is a choice of either a 2 or a 5 year fixed rate product at a discounted initial interest rate compared to our standard additional borrowing product range.
- There are no product fees with this mortgage.
- You can borrow between £5,000 - £25,000, dependent on your individual circumstances.
- You can borrow up to 85% Loan to Value.
- At the end of the deal period you move to our variable Standard Mortgage Rate (SMR) for the remainder of the mortgage term. Alternatively, you may switch to another Nationwide product, subject to availability and your eligibility at the time. The SMR has no upper limit or cap and is only available to existing members who have reached the end of their deal period.
- You need to be an existing member with a Nationwide mortgage.
- You must spend at least 50% of your additional borrowing on energy efficient home improvements. Such as: air source heat pump, cavity wall insulation, double glazing/replacement windows, electric car charging point, ground source heat pumps, loft insulation, small scale wind turbine, tanks and pipes insulation. Exclusions may apply.
- The mortgage term of the additional borrowing cannot exceed the mortgage term of the existing main mortgage account.
Coronavirus Mortgage Support hubMake an underpayment
If you have an overpayment reserve on your mortgage, you can choose to make an underpayment. Of course, if you’re making overpayments on your mortgage, you can change or stop the amount you overpay.
Switch your deal
If you can still make your mortgage payments, switching your deal – if possible – might be a good way to reduce your monthly payments, to help take the pressure off if finances are tight right now
Increasing your mortgage term
Extending your mortgage term is one way to help reduce your monthly payments. However, this is a long term solution. You should only consider it if your financial situation is stable. For example, if your income has permanently changed. A term change will increase the amount of interest you have to repay overall.
Mortgage payment breaks and holidays
If you are not able to make your mortgage payments due to coronavirus, you can apply for a 3 month break.You can then apply for a further 3 months if you need it. Keep in mind that if you take a payment break, interest will continue to build at your usual interest rate. This means the total amount of interest you pay over the term of your mortgage will increase.
If you've already had 6 months of payment support
You can’t apply for another payment break. We will send you a letter to let you know when your payment break is coming to an end, and what you can do next.
Help is available if you still aren’t able to make your payments. The first step to working out a payment plan is to tell us more detail about your financial situation.Mortgage Payment Protection Insurance (MPPI)
Help with your Nationwide Mortgage Payment Protection Insurance (MPPI) is available, you can apply for support for 3 months with paying your premiums.