Nationwide is increasing its support for the new-build sector by increasing the maximum loan-to-value (LTV) available for those looking to purchase a new-build house from 85% to 90%.
This move comes in a bid to provide further support for the housebuilding sector to meet the Government’s housing ambitions.
The change, effective from today, means potential buyers will be able to apply for a Nationwide mortgage on a new-build house with just a 10% deposit.
Nationwide said it was looking for new ways to make homeownership more accessible and affordable, and increase the appeal of new-build homes.
Ian Andrew, director of intermediary relationships at Nationwide, said: “As a mutual, we are committed to creating a vibrant and growing housing market and believe this change will demonstrate that we are fully behind the Government’s housing ambitions.
“By increasing our maximum loan-to-value on lending for new-build houses, we hope to help even more people into their first home or move onwards to their next.”
