Nationwide Offers 5.5 Times Salary Mortgage Multiple

First-time buyers will be able to borrow five and a half times their salary in the first mortgage deal of its kind for nearly a decade.

As from Monday next week, the Nationwide, will offer borrowers with a 10% deposit the larger limit on their loans.

Nationwide has set aside £1 billion in loans for first-time borrowers, who will be able to fix their rate for up to ten years. 

It comes as the average first-time property price increased by nearly 9 per cent in the past year, to £257,934, according to data from Halifax.

According to The Times, this means the average earner will be able to borrow an additional £30,000.

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