Nationwide Building Society is extending the maximum loan size for those looking to borrow up to 90% loan-to-value (LTV) on a fee or no-fee 5-year fixed rate mortgage.
The following are the maximum loan sizes will be available as of tomorrow (Wednesday 3rd August):
- Up to 75% LTV: £5m (up from £2m)
- 80% LTV: £1.5m (up from £1m)
- 85% LTV: £1.5m (up from £750,000)
- 90% LTV: £750,000 (up from £500,000)
The maximum loan for those borrowing at 95% LTV remains at £500,000.
Nationwide is also further increasing its support for homeowners by allowing those making a mortgage application for a house purchase to borrow up to 5.5 times their income as long as the total eligible income is more than £100,000.
This is available when taking a 2-, 5- or 10-year fixed or 2-year tracker mortgage.
First-time buyers also continue to have access to Nationwide’s Helping Hand proposition that allows them to borrow up to 5.5 times their income when taking one of the Society’s 5- or 10-year fixed rate mortgages. The revised maximum loan sizes will also be available when taking a five-year fixed rate.
Henry Jordan, director of mortgages at Nationwide Building Society, said: “With house prices continuing to rise, the need for a larger loan has become even more prevalent.
“As one of the UK’s largest lenders and the biggest building society, it’s important we do all we can to support people purchase their first or next property.
“The increases we’ve made to the maximum loans we’ll provide at various LTVs brings us in line with other lenders and increases options for borrowers.
“We know that the ability to borrow enough continues to be a significant hurdle to homeownership, which is why we’ve increased the maximum loan-to-income on house purchase applications.
“Alongside our Helping Hand offer for first-time buyers, we believe Nationwide continues to provide a compelling proposition for first-time buyers and home movers alike.”
