Nationwide makes change to its mortgages meaning some customers can borrow 6 times salary and £50,000 more

Nationwide for Intermediaries has increased the maximum mortgage amount higher earners can borrow up to six times their income, where they are:

For applicants who are home movers or remortgaging and looking to borrow more, here are a couple of examples of how Nationwide's change will help:

• A single applicant, with an eligible income of £75,000 could now borrow up to £450,000. This is an uplift of £37,500.
• Joint applicants, with an eligible income of £100,000 could now borrow up to £600,000. An uplift of £50,000.
• Nationwide already lends up to 6.5 times income for like-for-like remortgages. This means applicants do not borrow more money when they remortgage.

Existing Nationwide borrowers and 6 times salary mortgages

Existing Nationwide clients could now borrow up to six times their income, when moving home, or borrowing more.

There is no minimum income level, so a borrower with an eligible income of £50,000 could now borrow up to £300,000. An uplift of £25,000.

Clients who took a Helping Hand mortgage when it was launched in 2021, will now start to come to the end of their deal. So, if they’re looking to move to a new property or stay in their current one, this change may well help them again. This scheme enables some first-time buyers to borrow up to 6 times their salary with a 5% deposit. Nationwide supported 23k first-time buyers via Helping Hand in the last 12 months – up 53% annually.

Lending solutions with Trinity Financial

Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients. 

Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage or book a consultation or our appointment calendar

The information contained within was correct at the time of publication but is subject to change.

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