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.
We’re helping more home movers and first time buyers into new build homes.
As a reminder…
We’ve recently increased our LTVs. We’ll now lend up to:
- 95% LTV for New Build houses
- 85% LTV for New Build flats
To give more certainty to clients, we extended our offer period to 9 months on New Build properties.
Our specialist New Build support team are on hand to answer your pre and post application queries, to ensure everything runs smoothly.
New Build and first time buyer lending example
If your client is a first time buyer, Helping Hand is available up to 95% LTV across our 5 and 10 year fixed rate mortgages.
For example, if your client is purchasing a New Build property priced at the average house price of £270,000 with a 95% LTV mortgage:
The maximum loan amount is £256,500 (95% of £270,000)
The minimum income required is £57,000 (4.5x their income)
However, with Helping Hand, the minimum income required could be reduced to £43,000 (6x their income)
Builder incentives
We accept builder financial and non-financial incentives on New Build applications, depending on the purchase case type.