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Nationwide to lower income multiple cap

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Nationwide Building Society is set to cut its income multiple cap for sole applicants above 85 per cent LTV.

From 27 May, a new lower cap of 4.5 times income will apply.

All other applications will have a cap of 4.75 times income.

The new policy will apply to all cases where a decision in principle is obtained from tomorrow, but the old policy will apply if a DIP is obtained today.

Earlier this week the mutual said it was eyeing a launch into the equity release market with a “clear, simple, safe” product for older borrowers.

It also announced record mortgage lending figures having lent £32.6bn in the year to 4 April – a year-on-year increase of 20 per cent.

Profit increased 30 per cent from £1bn to £1.3bn.

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