Nationwide gives exact date for free £100 customer bonus
It also delivered £1.8 billion in better-than-average rates and incentives, with deposit rates over 30 per cent higher.
Britain's biggest building society today announced outstanding full-year results with record growth in retail deposits and net mortgage lending, including help for more first-time buyers than any other lender in the UK.
Statutory profit before tax rose to a record £2.3 billion, even after returning £1 billion directly back to members through last year's Fairer Share Payment and The Big Nationwide Thank You.
Whether you want to speak to a real person in branch, or do your banking online, there are many ways you can bank with us.
If you need support, get in touch: https://t.co/PBQ6UL8e26 pic.twitter.com/nHDrHeLoLb — Nationwide (@AskNationwide) January 2, 2025
Nationwide announced a new Fairer Share Payment today, with over four million members receiving £100 each.
The payment goes to eligible members choosing Nationwide for their everyday banking, in addition to holding a qualifying savings or mortgage product.
It will be paid directly into their Nationwide current account between 18 June and 4 July.
It is also launching a market-leading 5% Member Exclusive Bond and a £200 member-only switching incentive.
Debbie Crosbie, Nationwide's Chief Executive, said: 'Nationwide has had an outstanding twelve months. We returned a record £2.8 billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.'
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The Member Exclusive Bond is available from today to all 16 million existing members and can be opened in a branch, online or via the Banking App.
Members saving the maximum £10,000 would receive £762.50 in interest after 18 months - over £150 more than they would receive over the same period in our next highest-rate bond (4% 1 Year Fixed Rate Bond).
Members who didn't have their main current account with Nationwide on 31 March can benefit from a £200 Member Exclusive Current Account Online Switch Offer from today.
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Scottish Sun
3 hours ago
- Scottish Sun
Barclays, Nationwide, Skipton and TSB slash mortgage rates – saving households £1,000s
Plus, we've explained how to get the best deal Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BARCLAYS, Nationwide, Skipton Building Society and TSB have all slashed mortgage rates this week, kicking off a price war among high street lenders. More and more deals are dipping below 4%, offering families huge savings on their monthly payments. Sign up for Scottish Sun newsletter Sign up 1 These reductions come as swap rates, which banks use to price mortgages, have fallen, giving lenders room to offer cheaper deals Nationwide kicked off the cuts, reducing rates by up to 0.20 percentage points. Customers can now get fixed deals starting at 3.84% if they're switching mortgages or borrowing more, and 4.19% if they're a first-time buyer. Homeowners remortgaging can secure a two-year fixed rate at 4.44% with a £999 fee, while switcher deals now start at 3.84%. Barclays quickly jumped into the rate-cut battle, offering deals as low as 3.84%, giving homeowners a chance to lower their monthly payments. The two-year fixed remortgaging rate at 75% loan-to-value (LTV) has been reduced from 4.14% to 3.99%, with a £999 fee. Meanwhile, the two-year fixed rate for homebuyers has dropped from 3.91% to 3.84% at 60% LTV, also with a £999 fee. LTV, or loan-to-value, is the percentage of a property's price you're borrowing. The rest is covered by your deposit. The average two-year fixed mortgage rate has dropped from its peak of 6.86% in July 2023 to 5.05% yesterday, according to For someone with a £250,000 mortgage, dropping from a rate of 5.05% to 3.84% means saving around £172 a month - or £4,128 over two years. TSB lowered its mortgage rates yesterday, making it more affordable for first-time buyers and movers borrowing up to 90% of their property's value. The Sun's James Flanders explains how to find the best deal on your mortgage Remortgage rates for two- and five-year fixed deals up to 75% LTV also dropped by up to 0.25%, offering homeowners better savings. Skipton Building Society also joined the competition, introducing deals below 4%, giving buyers and homeowners even more choices to save. These reductions come as swap rates, which banks use to price mortgages, have fallen, giving lenders room to offer cheaper deals. Justin Moy, Managing Director at EHF Mortgages, said: "The sub-4% mortgage race is back on as lenders battle for market share. "Now is an ideal time to be grabbing a new deal if yours is due to renew in 2025. "Competition is seriously heating up as lenders stick their elbows out and look to win business on rates. "But as we know, things can turn in the blink of an eye, so borrower beware." How to get the best deal on your mortgage IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time. There are several ways to land the best deal. Usually the larger the deposit you have the lower the rate you can get. If you're remortgaging and your loan-to-value ratio (LTV) has changed, you'll get access to better rates than before. Your LTV will go down if your outstanding mortgage is lower and/or your home's value is higher. A change to your credit score or a better salary could also help you access better rates. And if you're nearing the end of a fixed deal soon it's worth looking for new deals now. You can lock in current deals sometimes up to six months before your current deal ends. Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost. But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal - but compare the costs first. To find the best deal use a mortgage comparison tool to see what's available. You can also go to a mortgage broker who can compare a much larger range of deals for you. Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender. You'll also need to factor in fees for the mortgage, though some have no fees at all. You can add the fee - sometimes more than £1,000 - to the cost of the mortgage, but be aware that means you'll pay interest on it and so will cost more in the long term. You can use a mortgage calculator to see how much you could borrow. Remember you'll have to pass the lender's strict eligibility criteria too, which will include affordability checks and looking at your credit file. You may also need to provide documents such as utility bills, proof of benefits, your last three month's payslips, passports and bank statements. What's next for mortgage rates? Mortgage rates are likely to keep falling as the Bank of England prepares to lower interest rates next month. Sanjay Raja, Deutsche Bank's chief economist, said a rate cut on August 7 is "almost certain", after UK GDP fell by 0.1% in May. The Bank of England usually cuts rates to stimulate economic growth and put more money into the economy. Lower interest rates usually mean cheaper mortgages. Tracker and standard variable mortgage holders often see lower payments within days of a base rate cut. However, fixed mortgage rates don't directly follow the Bank of England's base rate. Instead, they rely more on swap rates, which reflect expectations of future base rate changes. Money markets expect base rate cuts in August and possibly November, which could reduce it from the current 4.25% to 3.75%.
The Sun
3 hours ago
- The Sun
Barclays, Nationwide, Skipton and TSB slash mortgage rates – saving households £1,000s
BARCLAYS, Nationwide, Skipton Building Society and TSB have all slashed mortgage rates this week, kicking off a price war among high street lenders. More and more deals are dipping below 4%, offering families huge savings on their monthly payments. 1 Nationwide kicked off the cuts, reducing rates by up to 0.20 percentage points. Customers can now get fixed deals starting at 3.84% if they're switching mortgages or borrowing more, and 4.19% if they're a first-time buyer. Homeowners remortgaging can secure a two-year fixed rate at 4.44% with a £999 fee, while switcher deals now start at 3.84%. Barclays quickly jumped into the rate-cut battle, offering deals as low as 3.84%, giving homeowners a chance to lower their monthly payments. The two-year fixed remortgaging rate at 75% loan-to-value (LTV) has been reduced from 4.14% to 3.99%, with a £999 fee. Meanwhile, the two-year fixed rate for homebuyers has dropped from 3.91% to 3.84% at 60% LTV, also with a £999 fee. LTV, or loan-to-value, is the percentage of a property's price you're borrowing. The rest is covered by your deposit. The average two-year fixed mortgage rate has dropped from its peak of 6.86% in July 2023 to 5.05% yesterday, according to For someone with a £250,000 mortgage, dropping from a rate of 5.05% to 3.84% means saving around £172 a month - or £4,128 over two years. TSB lowered its mortgage rates yesterday, making it more affordable for first-time buyers and movers borrowing up to 90% of their property's value. Remortgage rates for two- and five-year fixed deals up to 75% LTV also dropped by up to 0.25%, offering homeowners better savings. Skipton Building Society also joined the competition, introducing deals below 4%, giving buyers and homeowners even more choices to save. These reductions come as swap rates, which banks use to price mortgages, have fallen, giving lenders room to offer cheaper deals. Justin Moy, Managing Director at EHF Mortgages, said: "The sub-4% mortgage race is back on as lenders battle for market share. "Now is an ideal time to be grabbing a new deal if yours is due to renew in 2025. "Competition is seriously heating up as lenders stick their elbows out and look to win business on rates. "But as we know, things can turn in the blink of an eye, so borrower beware." How to get the best deal on your mortgage IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time. There are several ways to land the best deal. Usually the larger the deposit you have the lower the rate you can get. If you're remortgaging and your loan-to-value ratio (LTV) has changed, you'll get access to better rates than before. Your LTV will go down if your outstanding mortgage is lower and/or your home's value is higher. A change to your credit score or a better salary could also help you access better rates. And if you're nearing the end of a fixed deal soon it's worth looking for new deals now. You can lock in current deals sometimes up to six months before your current deal ends. Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost. But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal - but compare the costs first. To find the best deal use a mortgage comparison tool to see what's available. You can also go to a mortgage broker who can compare a much larger range of deals for you. Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender. You'll also need to factor in fees for the mortgage, though some have no fees at all. You can add the fee - sometimes more than £1,000 - to the cost of the mortgage, but be aware that means you'll pay interest on it and so will cost more in the long term. You can use a mortgage calculator to see how much you could borrow. Remember you'll have to pass the lender's strict eligibility criteria too, which will include affordability checks and looking at your credit file. You may also need to provide documents such as utility bills, proof of benefits, your last three month's payslips, passports and bank statements. What's next for mortgage rates? Mortgage rates are likely to keep falling as the Bank of England prepares to lower interest rates next month. Sanjay Raja, Deutsche Bank's chief economist, said a rate cut on August 7 is "almost certain", after UK GDP fell by 0.1% in May. The Bank of England usually cuts rates to stimulate economic growth and put more money into the economy. Lower interest rates usually mean cheaper mortgages. Tracker and standard variable mortgage holders often see lower payments within days of a base rate cut. However, fixed mortgage rates don't directly follow the Bank of England 's base rate. 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Times
18 hours ago
- Times
Mortgage rule changes could help 16,000 first-time buyers a year
About 16,000 more first-time buyers a year could borrow enough to get on the property ladder under Bank of England plans to relax rules on larger loans. The Bank on Wednesday announced a review of the cap on mortgage lending at 4.5 times a borrower's income or higher, which was set in 2016 at 15 per cent of home loans by the Bank's Financial Policy Committee to guard against too large a build-up of household debt. The FPC has suggested the overall cap across all banks and building societies should remain at 15 per cent, but individual lenders could be permitted to do more lending above 4.5 times a borrower's income. While the review is continuing, lenders can apply to the Bank's Prudential Regulation Authority for permission to go above the 15 per cent cap. It is the latest move by financial regulators to make it easier for homebuyers to get mortgages, as regulators face pressure from the Treasury to support home ownership and boost economic growth. Two of the largest building societies, Nationwide and Yorkshire, which tend to focus on lending to first-time buyers who often need to borrow larger loans relative to their salaries, have already applied to the PRA for a higher limit. Coventry said it was considering it and Skipton said it would apply. The change could help about 16,000 more first-time buyers onto the ladder a year, a senior industry source suggested, as many high street lenders have tended to reserve their higher loan-to-income allocations for those earning higher salaries. Halifax, Britain's largest mortgage lender, requires applicants to earn more than £40,000 and have a deposit of at least 15 per cent before they can borrow more than 4.49 times their income. Nationwide said after the Bank's announcement that the changes could mean it could lend large enough loans to help 10,000 more first-time buyers a year onto the ladder by itself. Industry sources said that, in practice, lenders would only really lend a maximum of 10 to 13 per cent of mortgages at more than 4.5 times income because none wanted to risk breaching the Bank's cap. Figures from the Bank show about 8 per cent of mortgages in the year to March were lent at 4.5 times a borrower's income or higher, and 9.7 per cent in the first three months of this year. One high street lender's head of mortgages said: 'It's a subtle change, but what the Bank is saying is, 'Don't lend to 13 per cent as you were doing before, but you've the headroom to lend to 15 per cent.' So, you'll see more lenders doing that.' He said that after the Bank's announcement you could see the income requirements to borrow larger loans fall slightly over the next year. For example, someone could borrow at five times their income if they earned £50,000, rather than £70,000. Paul Broadhead, head of mortgages and housing policy at the Building Societies Association, said: 'This is a step in the right direction, and will enable more first-time buyers that can demonstrate affordability to access home ownership. Individual firms will have immediate flexibility to lend to more borrowers without increasing the overall risks in the financial system.'
