We regularly update our FAQs to answer any questions that may arise. If you’re unsure what something means, please check our glossary for a detailed explanation.
View our Online Mortgage Switcher FAQs for answers to OMS specific queries.
If your question isn’t answered below, please contact us.
Unfortunately not, we only provide our borrowers with Buy to Let mortgages.
Our mortgages are only available through intermediaries (independent financial advisers, brokers etc). If you’d like to find out more about TMW mortgages, please visit our New to TMW? section.
Yes but please be aware that on standard mortgage accounts, you can’t miss a monthly payment.
So if you’re changing your payment date from the last day of the month to the first day of the month, you’ll initially have to make two consecutive payments (one payment on the last day of the month, then another payment the next day as it’s the first day of the next month).
Depending on how you paid, it can sometimes take several days for payments to reach your account. The table below shows the estimated timescales:
|Payment method||Processing time|
If sent before 3pm, payment is applied on the same day.
If sent after 3pm, payment will be applied to your account by close of business the next working day.
|BACS||Payment usually takes 2-3 working days to reach us. We’ll apply the payment as soon as we receive it.|
|Cheques||Date of receipt – we’re unable to hold post-dated cheques.|
Please ensure you include your account number as a reference with any payment.
If your payment hasn’t been applied to your account within the timescales specified above, please contact us with the following details:
- mortgage account number
- the exact amount paid
- the payment date
Please send your payment to the following account:
- sort code 201139
- account number 30813230
Please quote your mortgage account number as the reference.
Please send your payment to the following account:
- sort code 201139
- account number 30813230
Please quote your mortgage account number as the reference. A redemption administration charge may be applicable, as well as any early repayment charges.
We’d then recommended you contact us directly to confirm you’d like to close your account with the payment you’ve sent. We’ll provide you with written confirmation within 8 days from the date we receive your funds.
This may be due to early repayment charges or an arrangement fee that was added to your balance when the mortgage or a product switcher was arranged. Please check your redemption statement and mortgage statements for details of any fees which may have been added to your balance.
Please make cheques payable to: The Mortgage Works
The reference should be: [your full name] account [your account number]
You’ll need to return the cheque to us at the following address:
The Mortgage Works
Please include details of who the cheque should be made payable to and ensure the letter is signed by all mortgage account holders.
Please contact us as soon as possible so that we can place a stop on the cheque. We’ll then arrange for a replacement to be issued.
We’ll accept cheques for up to six months from the date of issue.
If you’ve got a cheque issued by us which is older than six months, so long as the cheque is less than six years old you can contact us for a replacement.
A direct debit can only be set up if it is in the name of at least one of the account holder’s names (we won’t accept third party direct debit such as company/business accounts).
If your mortgage account number has six digits (usually starting with a 6, 7 or 8), we can only arrange direct debits if you send us a paper mandate as this has to be sent directly to the bank. If you’d like us to send you a mandate form, please contact us.
If your mortgage account number has eight digits, we can either arrange a direct debit over the phone or send you a paper mandate. In order to complete data protection checks, unfortunately we’re not able to action mandate forms via email.
Please note we’ll need at least ten working days before your payment is due to set up a new direct debit.
To change your direct debit, you'll need to contact us with the sort code and account number of the new current account you’d like payment to be taken from. The account must be in the name of a mortgage account holder.
The new direct debit will take ten days to set up. We’re unable to make changes to your direct debit instruction on and during the three days before your collection date.
Please call us on 08000 30 40 60 or notify us in writing of any changes you'd like to make.
We’ll need to receive notification from you at least ten days before your next payment due date.
Overpayments allow you to make additional payments on top of your contractual monthly payments.
Whilst you’re in your fixed deal period, you can repay part of your capital balance in each 12 month period (from the date your product started) without incurring any Early Repayment Charges. To find out more about your overpayment allowance, please check your Mortgage Offer.
Once you’ve finished your deal period, or if you’re on a tracker product, you can make unlimited overpayments without incurring a charge.
Please note you may be asked for details of the source of funds for any overpayment (including partial redemption) and you may also be asked to evidence this.
For interest only mortgages, you can calculate what your payments will be by using the following formula:
For repayment mortgages, the monthly payment will be dependent on the term, balance and interest rate of the mortgage account.
If you’re considering making an overpayment, you can contact us for an estimate of how the overpayment will affect your monthly payments.
Release of property
If you have a portfolio mortgage (accounts secured on multiple properties) you can redeem a single property from the portfolio by contacting us and answering the following questions:
- What are the property details?
- Is the property being sold?
- Has a sale price been agreed?
- Do you have a completion date?
- Is just one property or several properties being released?
- If multiple properties, will you be releasing individually or simultaneously?
If the Loan to Value (LTV) is below 75% our redemption team will refer to our underwriters for a release figure which will take 10 working days.
If the LTV is above 75% or if the balance is over £1 million, our redemption team will instruct external valuations (at no extra cost) before referring to our underwriters for a release figure which will take up to 15 working days.
If you think your properties have been undervalued, upon request we can arrange for a more comprehensive internal valuation for which an administration fee will apply.
The figure may be higher than expected due to decreasing property values which have also decreased the value of our security. The lower the property values, the higher the release of property quote. We calculate the figure to maintain our security position after the property is released.
If you want to release a property for a smaller sum or take further borrowing, it may be possible to be increased if the LTV is already low. Please contact us for more information.
If you already know what product you’d like to switch to then in just a matter of minutes you could submit your switcher application using our Online Mortgage Switcher. Our Online Mortgage Switcher FAQs can answer any questions you may have.
If you’d like some advice on the options available to you, please contact an independent financial adviser.
The process of adding or removing a borrower from your mortgage without increasing the amount you’ve borrowed is known as Transfer of Equity. Please note that no more than two borrowers can be on a mortgage at any time.
To apply, please contact us so that one of our advisers can check your account for eligibility. Upon receipt of your application forms and supporting documents, your request will be referred to an underwriter for full assessment.
You’ll require a solicitor as part of the transaction who is active on the Nationwide Panel. An administration fee will be applicable.
To apply to release some of your land, please contact us. We won’t consider any release of land for the purpose of property development.
You’ll require a solicitor who is active on the Nationwide panel and we’ll need sight of the proposed plan changes and details of any financial transactions.
The final decision will be made by one of our underwriters.
A second charge is a second mortgage secured on your property with another lender. A second charge is secondary to your main loan so when the property is sold, the main lender will be repaid first. Your main lender will need to give its permission before you take a second charge.
If you want to secure a second charge on your property, we’ll consider it under strict criteria. Please contact us to find out more.
On Buy to Let mortgages, the LTV can’t exceed 50% and the purpose must be for home improvements only. We’ll also need to apply a rental calculation to assess the affordability.
If you're experiencing financial difficulties, please contact our Collections Team on 0800 21 25 08 to explain your circumstances. Our Collections department is trained to deal with payment difficulties. They'll look carefully at your individual circumstances, and treat you sympathetically and fairly.
Please visit our financial difficulties page to find out more information.
We may be required to clear ground rent or service charges where non-payment means that the lease is at risk of repossession. We’ll only pay once we’ve received a County Court Judgement, Section 146 or 166 Agreement and we're in receipt of up to date statements/invoices from the management company/freeholder. For freehold properties we'll require the Section 121. An administration fee will be applicable.
We can’t give any specific account details to the management company as we won’t have authority to do so.