Changes aim to support borrowers who work for themselves
Nationwide Building Society has announced that it is increasing the maximum loan-to-value (LTV) available to 95% to borrowers who are self-employed.
“Having changed our lending policy for self-employed during the pandemic, we believe now is the right time to increase our support by extending our maximum loan-to-value available to them to 95 per cent,” said Henry Jordan, director of home at Nationwide.
With the changes, whether they are moving to a new property or purchasing their first home, self-employed borrowers will have access to Nationwide’s standard product range up to 95% LTV.
For those looking to remortgage to Nationwide, borrowers will also have access to the entire remortgage product range (which is up to 90% LTV). Nationwide is also increasing the amount a self-employed borrower can take as a loan by increasing the maximum loan-to-income (LTI) available to them to 5.5 times income.
“We’re committed to supporting self-employed borrowers as much as we can, which is why we’re also increasing the amount that they can potentially borrow with Nationwide to 5.5 times income,” said Jordan.
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