The impact of Coronavirus (Covid-19) continues to challenge us all, so I wanted to provide you with clarification on some of the topics we are receiving most queries on, along with an update on our payment holiday criteria:

Valuations – Nationwide & TMW

  • We will be maximising the use of AVM/Desktop capability. Where we are unable to assess via desktop, we’ll be in touch with brokers as soon as possible.
  • Appeals – If brokers wish to challenge the valuation, the case will be placed on hold until we’re able to complete a physical inspection with full internal access.
  • More detailed information can be found in the following links – Nationwide / TMW

Offer Validity – Nationwide & TMW

  • Offers will be extended on a case by case basis by 3 months, subject to eligibility criteria and confirmation their circumstances have not materially changed.  We are asking brokers/clients not to contact us prior to 30 days from offer expiry.
  • Again, further information is in the above links.

Existing applications

  • Proofs – Documents do not need to be certified. Nationwide & TMW don’t require a broker to have seen the original document, the onus is on the client to provide a copy of the original for all documentation, including ID and address verification.  A clear scan or photograph emailed to the broker is acceptable.
  • Escalations – we are prioritising cases with imminent completion for both brands and would ask brokers to only request an escalation if absolutely necessary – we are currently outside our 24-hour SLA.

Payment holidays

  • For Nationwide;
    • Members will be offered a 3-month mortgage payment holiday.
    • Our mortgage members and customers can also apply for payment holidays regardless of their arrears status.
    • Nationwide members can switch mortgage products during a payment holiday, providing they are not in arrears and their property is not let, using our existing product switch processes.
    • A Coronavirus: Mortgage payment holiday page has been introduced on the Intermediary Website, which has more details and includes a link to an online payment holiday application form, allowing members to self-serve.
  • For TMW;
    • Landlords will be offered a 3-month mortgage payment holiday.
    • TMW customers can switch mortgage products during a payment holiday, providing they are not in arrears and their property is let with our consent, using existing product switch processes.
    • Applications need to be emailed to TMW with standard wording required – more information can be found here.
  • Nationwide has also announced a support package for members who are financially impacted by coronavirus which includes products such as credit cards and personal loans, without affecting their credit score.

Broker Support

  • All BDMs are working from home and can be contacted by telephone or email.
  • Dedicated Broker Support phone lines aren’t available until further notice; however, Broker Chat has reopened for New Business, eSupport and registration enquiries, albeit on skeleton staffing.
  • Nationwide Telephony are not currently providing case updates, focussing on calls regarding completions, material changes and payment holidays.
  • For TMW, the Updates team are open for urgent completions for solicitors and have reduced opening hours from 9am-12noon.
  • For updates, we would ask brokers track cases online.  There are online tutorials available for both brands – Nationwide and TMW.