Nationwide's new £40,000 earnings rule is a 'kick in the teeth' to customers
Reading now: 386
manchestereveningnews.co.ukNationwide has announced an increase in the minimum income requirement for first-time buyers seeking higher-risk home loans.
The threshold for its Helping Hand mortgages is set to rise from £35,000 to £40,000. These particular mortgages are deemed riskier as they allow buyers to borrow up to six times their salary.
Nationwide insists that the hike in income criteria is essential to comply with government and regulatory mandates for responsible lending.
However, this move could potentially hinder young buyers' chances of owning a home, especially in high-cost areas like Manchester.
Read more on manchestereveningnews.co.uk
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
