Nationwide for Intermediaries will stop distributing guarantor mortgages through brokers from tomorrow.
Customers will still be able to access the deals direct from Nationwide but brokers will only have access to guarantor mortgages through the lender’s subsidiary, The Mortgage Works.
A Nationwide spokesman says the decision was made because of the low volume of guarantor mortgage business it conducts.
He says: “As the number of guarantor mortgages is relatively low, we think it is sensible to rationalise Nationwide’s guarantor lending through TMW.”
TMW launched a range of guarantor mortgages, including a number of limited liability and full liability products, in March.