Nationwide caps mortgage income multiple for sole applicants
Nationwide Building Society has capped the maximum loan size on all sole mortgage applications above 85% loan-to-value.
The new lower limit of 4.5 times Gross Disposable Income (GDI) will apply, but for all other applications, the current policy of 4.75 times GDI remains unchanged.
Aaron Strutt, product director at Trinity Financial, says: “If you are in the process of applying for one of Nationwide's mortgages and you have not submitted a decision in principle, you might be in for a shock.
“The market is very complicated and most of the lenders use different income multiples depending on your buying status, the size of your deposit and increasingly the amount you earn.”
To secure a more generous income multiple call Trinity on 020 7016 0790.
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