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Nationwide Rule Kicks in for Bank Customers Who Earn over £40k From Today
Nationwide allows eligible remortgage borrowers with incomes over £40,000 to borrow up to £33,600 more under new affordability criteria for five- or 10-year fixed rate loans.
- Effective from today, Nationwide has introduced 'enhanced affordability' for remortgage applicants, supporting higher borrowing capacity amid ongoing assessments.
- Following a December 2024 change, Nationwide made moves to increase borrowing in recent months after regulators cleared the path for six times income, the lender said.
- Details show the lender’s new affordability calculation for five- or 10-year fixed-rate loans allows an extra 33,600 or borrowing up to 6.5 times income at 95% LTV.
- Under the new rules, all applications require a robust affordability assessment, with sole applicants needing a minimum income of £40,000 and joint applicants £70,000.
- Alongside lenders like Newcastle Building Society, Santander, and Precise, Nationwide has relaxed its 'stress rates,' demonstrating its ongoing support for all borrowers.
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New Nationwide rule kicks in for customers who earn over £40,000 from today - Birmingham Live
From today, Tuesday 12 August, homeowners who are looking for a new mortgage deal may benefit from enhanced affordability when applying to remortgage to Nationwide.
·Birmingham, United Kingdom
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Nationwide relaxes remortgage rules to allow for £33,000 extra borrowing – Mortgage Finance Gazette
Nationwide has eased affordability calculations for remortgagers who apply for five- or 10-year fixed-rate loans, which may allow them to borrow up to an extra £33,600. The new criteria are available for employed and self-employed applicants. Sole applicants will need a minimum income of £40,000… The post Nationwide relaxes remortgage rules to allow for £33,000 extra borrowing appeared first on Mortgage Finance Gazette.
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