Here is the latest update from Nationwide Building Society. For full details see their latest product information here. Access these product via our direct to lender mortgage club and get the benefits of payment on completion.
Minimum income reductions
From tomorrow, Wednesday 16 July, we’re reducing the minimum incomes for both sole and joint applicants:
- Sole applicants – £30,000 (reduced from £35,000)
- Joint applicants – £50,000 (reduced from £55,000)
This change follows the regulator’s recent announcement that enables lenders to increase high loan to income lending. We’ve moved quickly so that we can support more first time buyers to get on the property ladder.
As a reminder, with Helping Hand, your first time buyers could borrow up to 6x their income. It’s available:
- Up to 95% LTV (including new build houses)
- Across our 5 and 10 year fixed rate mortgages
They’ll also enjoy £500 cashback on completion – with up to £500 more for energy efficient homes.