The change applies to homemovers or existing customers remortgaging with additional borrowing and who have an eligible income of £75,000 or more, whether applying alone or jointly.
Self-employed clients were included in this higher multiple too, putting them on the same footing as employed applicants.
Existing Nationwide borrowers can access the six-times-income multiple with no minimum income threshold at all when moving home, porting their mortgage, or borrowing more.
Borrowers who took out a Helping Hand mortgage when the scheme launched back in 2021 are reaching the end of their deals. Whether they want to move to a new property or stay put, the expanded criteria will improve support for them through the next stage.
The number of lenders offering six times loan to income (LTI) has quadrupled in the last 12 months – Nationwide is among the 20 lenders who crossed the six times threshold this year.
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