At Property Ladder we believe that bold action is required to help level the playing field for First Time Buyers, so we welcome the latest announcement from Nationwide.
Having the ability to borrow six times your salary opens up a lot more options for First Time Buyers to get onto the property ladder as their budgets have effectively grown by a third.
In a period where interest rates are going in the right direction for First Time Buyers there is some cause for optimism.
This doesn’t mean that there aren’t any watch outs from this latest move from Nationwide, being locked into a mortgage that is six times your salary will mean that there will be a smaller pool of providers that are available when you look to remortgage at the end of your fixed term and you will possess a greater level of debt.
Nationwide have stated that they will be running robust checks which hopefully ensures that the product is taken out by those who are able to afford it.
As we roll into autumn we hope the good news brigade continues for First Time Buyers.
