Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Nationwide Expands Loan-to-Income Limits for Movers and Remortgagers

Nationwide has widened its lending criteria, allowing certain applicants to borrow up to six times their income. The changes apply to homemovers and existing customers remortgaging with additional borrowing, provided they have an eligible income of £75,000 or more, whether applying individually or jointly.

Self-employed applicants are now included in this higher loan-to-income (LTI) multiple, aligning their borrowing potential with that of employed applicants. For existing Nationwide borrowers, the six-times-income multiple is available with no minimum income threshold when moving home, porting their mortgage, or borrowing more.

Borrowers who took out a Helping Hand mortgage when the scheme launched in 2021 are now reaching the end of their deals. The expanded criteria are intended to offer improved support for these customers, whether they choose to move to a new property or remain in their current home.

According to the report, the number of lenders offering six times LTI has quadrupled in the last 12 months, with Nationwide among 20 lenders to cross this threshold in the current year.

These changes may be relevant to letting agents and inventory clerks, as increased borrowing capacity could influence property transactions and tenant mobility in the UK property market.