Overview

• Nationwide will lend up to 95% of the value on new build homes, reducing the deposit needed to 5% for eligible purchasers.
• Through its Helping Hand initiative first-time buyers can now borrow up to six times their annual income instead of the usual 4.5 times.
• The maximum loan-to-value for new build flats has been increased to 85% and the offer validity on new build mortgages extended from six to nine months.
• The changes are designed to tackle affordability challenges and bolster the construction sector by giving buyers greater certainty.
• The mortgage guarantee scheme ends on June 30, and the FCA is examining ways to loosen lending rules to maintain market momentum.