{"componentChunkName":"component---src-templates-post-js","path":"/nationwide-withdraws-mortgages/","result":{"data":{"ghostPost":{"id":"Ghost__Post__5e8479368151ef0038cfa400","title":"Nationwide withdraws mortgages","slug":"nationwide-withdraws-mortgages","featured":false,"feature_image":"https://images.unsplash.com/photo-1560518883-ce09059eeffa?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"Nationwide has said it will temporarily limit their mortgage offering to customers with over 25% deposit, after government advice told people not to move house. ","custom_excerpt":"Nationwide has said it will temporarily limit their mortgage offering to customers with over 25% deposit, after government advice told people not to move house. ","created_at_pretty":"01 April, 2020","published_at_pretty":"01 April, 2020","updated_at_pretty":"01 April, 2020","created_at":"2020-04-01T11:21:26.000+00:00","published_at":"2020-04-01T11:27:14.000+00:00","updated_at":"2020-04-01T11:27:14.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nNo new mortgages\nNationwide has said it will temporarily limit their mortgage offering\n[https://www.cityam.com/nationwide-pulls-sales-of-mortgages-for-small-deposit-holders/] \nto customers with over 25% deposit, after government advice told people not to\nmove house. That includes fixed and tracker rate mortgages for first-time\nbuyers, new home purchases, and remortgage deals. The UK’s second largest\nmortgage lender will instead focus on supporting its existing customers, and\nprocessing ongoing applications to get them over the line.\n\nFlight refund stress\nCustomers are struggling to claim refunds\n[https://www.bbc.co.uk/news/business-52105526] for cancelled flights, with\nairlines instead attempting to fob people off with vouchers or rebooked flights.\nIf your flight has been cancelled, you’re entitled to a full refund within seven\ndays. But EasyJet, which has grounded its entire fleet, has faced fury for only\noffering refunds over the phone and not online.\n\nHigh risk of pension scams\nPension savers could be more vulnerable to dodgy deals\n[https://www.telegraph.co.uk/pensions-retirement/news/pension-savers-face-high-risk-scams-coronavirus-crisis-regulator/] \n(paywall) as market volatility drives them to look for new homes for their\nsavings. The Pensions Regulator (TPR) might pause all final salary transfer\nactivity for three months to try and protect savers from scams. Former pensions\nminister Baroness Ros Altmann was among those calling for a pause, saying\npension valuations could be dangerously inaccurate at the moment.\n\n11 million furloughed\nOne in three workers are currently unable to do their jobs, according to new\nresearch by Bank of America. With shops, offices, factories, and building sites\nacross the country closed, over 11 million people are no longer working\n[https://www.telegraph.co.uk/business/2020/03/31/11-million-stop-working-coronavirus-puts-economy-hold/] \n(paywall). Most are thought to have been “furloughed” on the government’s job\nretention scheme.\n\nNo bankers’ bonuses?\nBanks have scrapped dividend payments to shareholders\n[https://www.bbc.co.uk/news/business-52114410], and have been urged by the Bank\nof England not to pay bonuses to their senior staff either. Banks including\nBarclays, Santander, and NatWest were due to pay out billions in dividends, but\nhave decided to hang onto the money in case they need to use it for measures to\nsupport the economy.","html":"

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

No new mortgages

Nationwide has said it will temporarily limit their mortgage offering to customers with over 25% deposit, after government advice told people not to move house. That includes fixed and tracker rate mortgages for first-time buyers, new home purchases, and remortgage deals. The UK’s second largest mortgage lender will instead focus on supporting its existing customers, and processing ongoing applications to get them over the line.

Flight refund stress

Customers are struggling to claim refunds for cancelled flights, with airlines instead attempting to fob people off with vouchers or rebooked flights. If your flight has been cancelled, you’re entitled to a full refund within seven days. But EasyJet, which has grounded its entire fleet, has faced fury for only offering refunds over the phone and not online.

High risk of pension scams

Pension savers could be more vulnerable to dodgy deals (paywall) as market volatility drives them to look for new homes for their savings. The Pensions Regulator (TPR) might pause all final salary transfer activity for three months to try and protect savers from scams. Former pensions minister Baroness Ros Altmann was among those calling for a pause, saying pension valuations could be dangerously inaccurate at the moment.

11 million furloughed

One in three workers are currently unable to do their jobs, according to new research by Bank of America. With shops, offices, factories, and building sites across the country closed, over 11 million people are no longer working (paywall). Most are thought to have been “furloughed” on the government’s job retention scheme.

No bankers’ bonuses?

Banks have scrapped dividend payments to shareholders, and have been urged by the Bank of England not to pay bonuses to their senior staff either. Banks including Barclays, Santander, and NatWest were due to pay out billions in dividends, but have decided to hang onto the money in case they need to use it for measures to support the economy.

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