"With house prices continuing to rise, the need for a larger loan has become even more prevalent."
At 90% LTV, the maximum loan size has risen from £500,000 to £750,000.
At other LTVs, the maximum loan size has increased from £2m to £5m at 75% LTV, from £1m to 1.5m at 80% LTV, and from £750,000 to £1.5m at 85% LTV.
The maximum loan for those borrowing at 95% LTV remains at £500,000.
Nationwide is also allowing purchasers to borrow up to 5.5 times their income as long as the total eligible income is more than £100,000. This is available when taking a two, five or ten-year fixed or two-year tracker mortgage.
First-time buyers also continue to have access to Nationwide’s Helping Hand proposition that allows them to borrow up to 5.5 times their income when taking one of the Society’s five or ten-year fixed rate mortgages. The revised maximum loan sizes will also be available when taking a five-year fixed rate.
Henry Jordan, director of mortgages at Nationwide Building Society, said: “With house prices continuing to rise, the need for a larger loan has become even more prevalent. As one of the UK’s largest lenders and the biggest building society, it’s important we do all we can to support people purchase their first or next property. The increases we’ve made to the maximum loans we’ll provide at various LTVs brings us in line with other lenders and increases options for borrowers.
“We know that the ability to borrow enough continues to be a significant hurdle to homeownership, which is why we’ve increased the maximum loan-to-income on house purchase applications. Alongside our Helping Hand offer for first-time buyers, we believe Nationwide continues to provide a compelling proposition for first-time buyers and home movers alike.”
