Overview

• From 12 August Nationwide applies an alternative affordability calculation for remortgages on five- and ten-year fixed-rate products
• Sole applicants earning at least £40,000 and joint applicants with combined incomes of £70,000 qualify for the enhanced assessment
• Nationwide estimates qualifying borrowers could increase their maximum loan by up to £33,600 under the new calculation
• Remortgage customers not seeking extra funds remain able to borrow up to 6.5 times income at up to 95% loan-to-value
• All applications continue to undergo rigorous affordability checks to maintain responsible lending standards