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

Nationwide Lowers Joint Income Threshold for Six Times Income Mortgages

Nationwide has reduced the eligible income required for joint mortgage applicants from £100,000 to £75,000. Applicants who meet the new threshold can now borrow up to six times their income if they are home movers or remortgaging with additional borrowing.

The change applies to both sole and joint applicants with an eligible income of £75,000 or more. This adjustment follows Nationwide’s recent announcement of increases to its fixed rate and tracker mortgage deals by up to 0.35%. The rate increases affect products for first-time buyers, home movers, existing customers moving home, and remortgage borrowers. However, rates on switcher and additional borrowing products remain unchanged.

For letting agents and inventory clerks, these changes may influence the number of potential buyers and remortgagers in the market, as more applicants could now qualify for higher borrowing limits. The adjustment in income eligibility could impact demand for rental properties and property transactions, particularly among those seeking to move or remortgage.