Nationwide is increasing the minimum earnings required when offering higher-risk home loans to first-time buyers
Nationwide is set to raise the minimum earnings required for its higher-risk Helping Hand mortgages, aimed at first-time buyers. The figure will increase from £35,000 to £40,000.
While some believe this could stimulate the property market and broader economy, critics warn of recreating conditions that contributed to the 2007-2008 global financial crisis. Recently, Santander hinted at potentially exiting the UK due to restrictive regulations. He added, "Extending credit terms so people end up in ever greater debt is not the answer, lower house prices are."
Tutton warned that this would "compound the issue further for those wanting to get onto the property ladder." Ken James, Director at Contractor Mortgage Services, commented on the impact of the change, suggesting it will "sweep the rug from under the feet of many prospective first-time buyers".
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