The i - Nationwide launches mortgages at six times’ salary for first-time buyers
A major mortgage lender has said it will become the first high-street brand to offer first-time buyers with a deposit of just 5 per cent the ability to borrow six times their income Nationwide is offering first-time buyers taking out a five or 10-year fixed deal the ability to borrow even more, up from 5.5 times their income.
Aaron Strutt, of brokers Trinity Financial, said: “The largest lenders are normally very cagey about offering six times salary and 5.5 times salary is only normally available to higher earners.
“The rate hikes that started with the mini-Budget have made life very difficult for many first-time buyers and they have not been able to borrow anywhere near enough money to get on the property ladder, especially in London.
“The mortgage market is also pretty flat at the moment as borrowers wait for rates to come down further. Halifax launched a first-time buyer scheme recently, although borrowers will probably be able to get more money through Nationwide now.”
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