Nationwide restricts self-employed lending to 85% LTV

Essex Home Finance
Nationwide has capped its maximum LTV for self-employed mortgage applicants to 85% LTV.
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Nationwide has capped its maximum LTV for self-employed mortgage applicants to 85% LTV.

The lender confirmed that it will continue to offer products up to 90% LTV to first-time buyers.

A Nationwide spokesperson said: “We’re committed to supporting those looking to move home and are currently the largest lender still offering 90 per cent mortgages to first-time buyers without any volume or time restrictions.

“We need to be able to maintain our high levels of service in the face of strong demand generated by the stamp duty holiday. Affordability must be at the forefront of any decision, even more so during these uncertain times. We must lend responsibly.

“As a result, the impact of Covid-19 means that underwriting mortgages for self-employed borrowers is much more complex than before as a result of the difficulties in being able to fully assess long-term affordability in these uncertain times.

“We are therefore temporarily aligning our maximum LTV for self-employed borrowers with other major lenders in the market. As with all lending policies, we will continue to review our approach and hope to relax criteria in the near future.”

Original Article from Financial Reporter 27/10/20

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