The Nottingham ups borrowing limit for high LTV products

The Nottingham has announced that borrowers with a 5 per cent deposit will now be able to search for houses in the £500,000 range.

This marks a doubling of the building society’s previous maximum borrowing limit on its high LTV products, which was set at £275,000.

The lender says that this move is a response to house prices in the South East of England and London, where average house prices are £328,212 and £475,066 respectively, according to latest government statistics.

In 2018, 70 per cent of applicants for The Nottingham’s 95 per cent LTV products were first-time buyers, the company adds.

Nottingham for Intermediaries head Nikki Warren-Dean says: “We spend a lot of time listening to the views of our customers, broker network and team to ensure our mortgage products are competitive and attractive to a whole range of buyers. We know saving up for a deposit can be tough and for some, even saving 5 per cent is a challenge.

“The Nottingham was founded on the principle of helping people purchase their homes and the proactive developments we are making… are helping more and more members achieve that goal.”

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