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.
Existing Nationwide Borrower Loan to Income cap increases
From tomorrow, Thursday 11 August, we’ll lend up to 5.5x Loan to Income (LTI) on the following applications:
- Existing Nationwide Borrowers Moving Home
- Further Advance (Additional Borrowing)
Please note that Self-employed and Equity Share applications will continue to use the existing lower LTI caps.
Additional borrowing as part of a subsequent application to repay unsecured or secured debt (except for equity share loans) will be subject to lower LTI caps.
On 1 August, we introduced a 5.5x LTI cap for house purchase applications, where the total income is over £100,000 a year. From tomorrow the £100,000 total income rule will no longer apply to Existing Nationwide Borrowers Moving Home.
On 4 August, the Bank of England base rate increased from 1.25% to 1.75%. As a result, we’re increasing tracker rates by 0.50% across our New and Existing Borrower product ranges.