Could this be the boost you need to get on the property ladder?

In a major move, Nationwide Building Society has announced it will now lend up to six times income to first-time buyers (FTBs) who choose their five- or ten-year fixed rate mortgages at up to 95% loan-to-value (LTV).

This exciting development, part of Nationwide’s Helping Hand mortgage scheme, could mean a potential boost of 33% compared to the standard lending limit of 4.5 times income – a significant leg up for those struggling to get on the property ladder.

Nationwide is also slashing interest rates for FTBs by up to 0.31%, making them the first major lender to offer rates below 5% on their standard range for those with a 5% deposit.

Here’s a breakdown of the rate reductions on offer:

• Five-year fixed rate at 95% LTV: 4.99% (down 0.05%) with a £999 fee
• Ten-year fixed rate at 75% LTV: 4.69% (down 0.31%) with no fee
• Five-year fixed rate at 90% LTV: 4.49% (down 0.10%) with a £999 fee
• Five-year fixed rate at 85% LTV: 4.19% (down 0.15%) with a £999 fee

As if that wasn’t enough good news, Nationwide is also increasing its maximum loan sizes across the board, including those above 90% LTV. This means the maximum loan size you can access will jump from £500,000 to an impressive £750,000.

Here’s a summary of the changes to maximum loan sizes:

• 75% to 85% LTV: Increased from £1.5 million to £2 million
• 85% to 90% LTV: Increased from £750,000 to £1 million
• 90% to 95% LTV: Increased from £500,000 to £750,000

Debbie Crosbie, Nationwide’s Chief Executive, said: “Helping Hand has supported around 40,000 people onto the property ladder since we launched it three years ago. We want to do more and are boosting the scheme to six times income and increasing the maximum loan size.”

This move by Nationwide could be a game-changer for aspiring homeowners. With increased borrowing power and lower interest rates, now could be the perfect time to make your homeownership dreams a reality.