"We are committed to creating a vibrant and growing housing market and believe this change will demonstrate that we are fully behind the Government’s housing ambitions. "
- Ian Andrew, Nationwide’s director of intermediary relationships
Nationwide is increasing the maximum LTV available for those looking to purchase a new build house from 85% to 90%.
The change, effective from today, means potential buyers will be able to apply for a Nationwide mortgage on a new build house with just a 10% deposit.
Ian Andrew, Nationwide’s director of intermediary relationships, said: “As a mutual, we are committed to creating a vibrant and growing housing market and believe this change will demonstrate that we are fully behind the Government’s housing ambitions.
"By increasing our maximum loan-to-value on lending for new-build houses, we hope to help even more people into their first home or move onwards to their next.”
The latest changes mirror HSBC's recent changes to maximum lending limits on residential mortgages for all flats and new build properties. HSBC has increased its higher LTV lending limits by 5% and will now lend up to 85% LTV on new build flats and 90% LTV on new build houses and non-new build flats. The bank has also removed the minimum deposit requirement of £25,000 to purchase a new build house.
