Nationwide Boosts Mortgage Limit to Six Times Income for First-Time Buyers
The UK's largest building society introduces higher borrowing limits and reduced rates to support first-time buyers amid competitive lending market.
- Nationwide will allow first-time buyers to borrow up to six times their income with a minimum 5% deposit, starting Tuesday.
- The new lending limit applies to five or ten-year fixed-rate mortgages, with eligibility requiring an individual income of at least £30,000 or a joint income of £50,000.
- This move aims to address the affordability challenges first-time buyers face, particularly in high-cost areas like London and the South East.
- Nationwide is also increasing the maximum loan size for borrowers with deposits below 10% from £500,000 to £750,000.
- Mortgage rates for first-time buyers will be reduced, with some five-year fixed rates dropping below 5%.