Nationwide's Helping hand Mortgage

Introduction:

In the face of rising house prices and the ongoing challenge of affordability, Nationwide is proud to present Helping Hand, a unique program designed to provide eligible first-time buyers with the opportunity to borrow a higher loan amount when opting for a 5 or 10-year fixed-rate mortgage product. This innovative solution aims to make homeownership more attainable for those looking to enter the property market.

Eligibility Criteria:

To determine eligibility for the Helping Hand program, you will need to fit the following criteria. It is important to note that meeting these requirements does not guarantee acceptance, as availability is subject to various factors such as credit score and overall debt.

1. First-Time Buyers: Applicants must be first-time buyers, allowing you to benefit from the Helping Hand initiative.
2. Loan-to-Value (LTV) Tiers: 5 and 10-year fixed-rate options are available at all LTV tiers, up to a maximum of 95%.
3. Minimum Income: Sole applicants must have a minimum income of £37,000, while joint applicants should have a minimum combined income of £55,000. All sources of income, except self-employed income, can be included for consideration.

LTV Restrictions for Different Home Types:

The maximum loan-to-value (LTV) restrictions vary depending on the type of property being purchased. Please take note of the following LTV limits for different home types:

• Second-hand houses: Up to 95% LTV
• Second-hand flats: Up to 85% LTV
• New build houses: Up to 85% LTV
• New build flats: Up to 75% LTV

Exclusions:

The following scenarios are not eligible for the Helping Hand program:

1. Self-employed income from either applicant will not be considered.
2. The mortgage cannot be used in conjunction with any scheme or non-standard ownership type, such as Deposit Unlock, First Homes, Shared Ownership, Genuine Bargain Price, Right to Buy, and Help to Buy.
3. Interest-only mortgages are not eligible.

Important Note:

It is essential to be aware that Helping Hand is exclusively available to first-time buyers for the original purchase only. It cannot be utilised for subsequent transactions, including additional borrowing, where standard criteria apply.

Next Steps:

To determine whether you are eligible for the higher borrowing potential offered by Helping Hand, please contact us here. The calculator will display two maximum affordable amounts, one for the standard criteria and one specifically for Helping Hand.

Conclusion:

Helping Hand by Nationwide serves as a lifeline for first-time buyers, addressing the challenge of affordability in the housing market. With its unique approach of allowing eligible clients to borrow a higher loan amount, this program opens doors for aspiring homeowners. By providing an innovative solution, Nationwide remains committed to supporting individuals on their journey to owning their first home.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE