For sole applicant borrowers, the minimum income to be eligible for its Helping Hand mortgage is now £37,000 and for joint applicants this is £55,000. All sources of income, barring self-employed income, can still be included.
The minimum income for sole applicants was previously £31,000 and for joint applicants it was £50,000.
The lender brought out the Helping Hand mortgage last year, stating at the time of its launch that it would provide £1bn of lending through the scheme.
It allows borrowers to access up to 5.5 times income, which compares to the typical limit of 4.5 times income.
Nationwide increased the maximum loan to value (LTV) on this range from 90 per cent to 95 per cent in February.
In its new business range, the lender has increased the rates for products across select new member home mover, first-time buyer, shared equity and remortgage products.
This included a new home mover two-year fixed rate at 60 per cent LTV with a £999 fee which has a rate of 2.04 per cent. The fee-free version of the product at the same LTV has increased to 2.44 per cent.
Its first-time buyer two-year fixed product at 60 per cent LTV with a £999 fee has risen to 2.19 per cent. The fee-free version has gone up to 2.59 per cent.
Its shared equity two-year fixed rate at 60 per cent LTV has a rate of 2.19 per cent and is subject to a £999 fee, while the fee-free version has a rate of 2.59 per cent.
Its two-year fixed remortgage with a £999 fee now stands at 2.14 per cent, and its fee-free version is now priced at 2.44 per cent.
In its existing business range, the lender has upped the rates for certain products across existing members home mover, shared equity, additional borrowing, green additional borrowing, switcher and switcher additional borrowing ranges.
In its existing member moving home range its two-year fixed rate at 60 per cent LTV with a £999 fee now stands at 2.04 per cent, and its fee-free version is set at 2.44 per cent.
Its shared equity two-year fixed rate at 60 per cent LTV with a £999 fee is 2.19 per cent, whilst its fee-free version is priced at 2.59 per cent.
Nationwide’s additional borrowing two-year fixed rate at 60 per cent LTV with a £999 fee is priced at 1.89 per cent, and its fee-free version has a rate of 2.14 per cent.
The mutual’s two-year fixed switcher product at 60 per cent LTV with a £999 fee has a rate of 1.89 per cent, whilst its fee-free version is priced at 2.14 per cent.
A Nationwide spokesperson said: “Swap rates, which fixed rate mortgage pricing is based on, have continued to rise as the market factors in potential future Bank Rate rises. As a result, this has seen mortgage rates increase across the market in recent weeks. As a member-owned organisation we are not immune to this, and we need to ensure our mortgage rates are sustainable.”
