Nationwide Increases Income Multiples for First-Time Buyers
Nationwide Building Society has announced an increase in income multiples for first-time buyers and those who haven’t owned a home for three years. The new income multiples are as follows:
- Loan-to-value (LTV) between 75% and 85%: Increased from £1.5m to £2m
- LTV between 85% and 90%: Increased from £750k to £1m
- LTV between 90% and 95%: Increased from £500k to £750k
This means that first-time buyers can now borrow up to six times their joint annual income, making it easier for them to get on the property ladder. For example, a couple with a joint annual income of £50,000 could now borrow up to £300,000.
The increase in income multiples is good news for first-time buyers who are struggling to save for a deposit. It also means that more people will be able to buy homes in higher-priced areas.
Nationwide said that the increase in income multiples was in response to the rising cost of living. The building society also said that it was committed to helping first-time buyers onto the property ladder.
Here are some of the key points from the article:
- Nationwide has increased income multiples for first-time buyers and those who haven’t owned a home for three years.
- The new income multiples are as follows:
- LTV between 75% and 85%: Increased from £1.5m to £2m
- LTV between 85% and 90%: Increased from £750k to £1m
- LTV between 90% and 95%: Increased from £500k to £750k
- This means that first-time buyers can now borrow up to six times their joint annual income.
- The increase in income multiples is good news for first-time buyers who are struggling to save for a deposit.
- It also means that more people will be able to buy homes in higher-priced areas.
- Nationwide said that the increase in income multiples was in response to the rising cost of living.
- The building society also said that it was committed to helping first-time buyers onto the property ladder.
- The product is only available to employed applicants
At Orton Financial we would always work to source the best possible terms for your new mortgage. We offer a free initial consultation.
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