first-time buyers with deposits as low as 10 per cent will be able to borrow 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 will launch 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.
Read more on dailyrecord.co.uk
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