Nationwide increases maximum mortgage loan size at 95% ltv to £500,000
Nationwide for Intermediaries has raised its maximum mortgage loan size for buyers with 5% deposits.
The mortgage loan size has increased from £350,000 to £500,000 to make it easier to purchase property typically in London and the south-east. Nationwide already raised this limit from £250,000 to £350,000 earlier this year.
It is unusual to access 95% loan-to-value mortgages over £500,000. However, NatWest and Santander provide mortgages up to £570,000 to buyers if they have a 5% deposit.
Aaron Strutt, product director at Trinity Financial, says: “Most 95% loan-to-value mortgages are typically capped at 4.5 times either single or joint salaries unless you earn over £100,000.”
Nationwide has also announced it is increasing the maximum remortgage loan size with additional borrowing to 90% loan-to-value.
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