Daily Mail - Nationwide changes mortgage rules to let first-time buyers buy new builds with just a 5% deposit
Nationwide Building Society is offering first-time buyers the chance to get a mortgage covering up to 95 per cent of the purchase price when buying new build houses.
The mutual says the mortgage product will be available from Thursday and will also enable buyers to borrow up to six times' their annual income, when they do so via its Helping Hand scheme.
Aaron Strutt of mortgage broker Trinity Financial, told Thisismoney.co.uk: 'A new build first-time buyer 5 per cent deposit mortgage at six times salary is pretty punchy.
'Many of the other lenders would not be comfortable offering a product like this. But from a borrower perspective, it gives many people the chance to get on the property ladder and buy a new home.'
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