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Nationwide increases borrowing limits for first-time buyers by up to five and a half times annual income
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dailyrecord.co.uk
dailyrecord.co.ukfirst-time buyers deposits as low as 10 per cent and increasing borrowing limits to five and a half times their income when taking out a longer-term mortgage.
Nationwide Building Society said that under its 'helping hand' initiative, first-time buyers across the country will have the option when taking out a five or 10-year fixed-rate mortgage at up to 90 per cent loan-to-value (LTV).
The initiative launches on Monday, April 26 and products will have the same rates and features as Nationwide's current standard mortgage range.
The change would mean, for example, that a couple with a joint income of £50,000 would be able to borrow up to £275,000, rather than £225,000 previously, assuming a 10 per cent deposit and no other costs impacting.
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