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.
Increases to maximum loan size
From tomorrow, Wednesday 3 August, we’re increasing the maximum loan sizes on our 5 year fixed rate products.
- Our maximum loan up to 75% will increase to £5 million
- Up to 85% LTV will increase to £1.5 million
- Up to 90% LTV will now be £750,000
Our maximum loan for 95% LTV will remain at £500,000.
The changes are not applicable to our Green Further Advance Range. And there will be no changes to Rate Switch loan sizes as they already have a £5 million maximum across all LTVs.
For more information click here
Loan to Income cap increases
We’ll now lend up to 5.5x Loan to Income (LTI) on House Purchase applications where the total income is over £100,000 a year.
This applies to First Time Buyers, Homebuyers and existing Nationwide borrowers for all new applications submitted from 1 August onwards.
Please note that Self-employed and Equity Share applications will continue to use the existing lower LTI caps.