Nationwide launches £2m mortgages this week
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Nationwide is launching its large loans offering on Wednesday and will now lend up to £2m for mortgages up to 75% LTV on its no-fee products.
It currently only lends up to £1m.
The lender says it will consider cases above £2m up to 70% LTV on an individual basis and cases over £500,000 will be individually assessed by its underwriting team.
A spokesman for Nationwide, says: “We believe the market has settled sufficiently for us to return to lending larger loans. Prior to the credit crunch we did not have an upper limit on our mortgages. As the market has now stabilised we are in a position to return to more standard lending arrangements.
“As always, we will approach the approval of larger loans in a prudent manner and each application will be carefully considered and underwritten on an individual, case by case basis. Large loan applicants typically may have more complex income streams and expenditure and, as such, require individual assessment.”
In November Abbey for Intermediaries launched two new larger loan products up to £2m, available exclusively to the intermediary market, up to 70% LTV.
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