Can I borrow more on my Nationwide mortgage?

Yes, Nationwide now allows eligible customers to borrow up to six times their annual income, an increase from 5.5 times previously.

What is the minimum deposit for Nationwide's higher borrowing mortgages?

The extra borrowing is available on mortgages that require a deposit as little as 5%.

Who can benefit from Nationwide's increased mortgage lending limits?

Home movers and those remortgaging with Nationwide can now access higher borrowing limits, in addition to first-time buyers.

Home / Business and Economy / Borrow Up To 6x Income: Nationwide Expands Mortgage Options

Borrow Up To 6x Income: Nationwide Expands Mortgage Options

21 Jan

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Summary

Nationwide now permits eligible customers to borrow six times their earnings.
This policy change allows for potentially larger mortgages with a 5% deposit.
The update extends higher borrowing limits to home movers and remortgagers.

Borrow Up To 6x Income: Nationwide Expands Mortgage Options

Britain's largest building society, Nationwide, has updated its mortgage lending criteria, enabling eligible customers to borrow six times their annual earnings. Previously capped at 5.5 times, this adjustment offers potential for borrowing up to £50,000 more, depending on individual circumstances.

The enhanced lending is accessible with deposits as low as 5%. While new single applicants require an income of £75,000 or £100,000 for couples, existing Nationwide mortgage holders face no minimum income requirement for this higher borrowing limit.

This expansion of six-times income lending now benefits not only first-time buyers but also home movers and individuals looking to remortgage. This aligns with a broader market trend, as lenders adapt to regulatory changes and market conditions.