Nationwide Helping Hand Mortgage For First Time Buyers
Nationwide announces new product for enhanced affordability for First Time Buyers.
The new Nationwide Helping Hand mortgage deal will be available from 26th April 2021.
We are so pleased to hear that a Lender has reviewed their products and created a product that allows First Time Buyers to borrow more… up to 5.5x their annual income!
House prices are rising, which is positive news for homeowners, but if you are a First Time Buyer this can make buying your first home more expensive.
This is where Nationwide’s new ‘Helping Hand’ mortgage product can help.
If you are willing to fix your mortgage deal for five or ten years you can potentially borrow 5.5 times your income.
This is unheard of for First Time Buyers as usually 4.5x or 4.75x income is the absolute maximum usually considered, so this is great news to help First Time Buyers obtain a mortgage to purchase their dream home.
Example: Mr and Mrs Smith earn £50,000 between them with outstanding no credit commitments. They could potentially be considered for 5.5x £50,000. This could mean a mortgage amount of £275,000. Affordability assessments will apply.
There are of course criteria that First Time Buyers must meet to be eligible for the ‘helping Hand’ mortgage deal.
Further details will be released soon but so far, we know…
- Available to First Time Buyers borrowing at 90% Loan to Value, this means you must have a deposit of 10% of the property value.
- All applicants must be Employed. Self-employed not considered for this deal.
Five- or 10-year fixed rate deals only.
- Minimum income requirements do apply for sole applicants of £31,000 and for joint applications a minimum joint income of £50,000 is required.
- Available on New build, flats, and standard properties.
- Not available in conjunction with any First Time Buyer schemes, such as Help to Buy or Shared Ownership.
- Capital Repayment Mortgage basis only- not available for an Interest Only Mortgage.
Please contact us if you would like to know more about this deal or if you would like us to do some free research to see how much you could borrow based on your income.