Over the years, people have found themselves almost feeling like prisoners to high mortgage rates with extensive contracts. Fortunately, many big lenders are now reconsidering how they treat younger applicants so that they do not get caught in these lending webs for long time periods. Nationwide, for example, has now increased its maximum LTV from 80% to 90% in order to accommodate a wider range of individuals when it comes to affordable loan rates with rational contracts.
Key Takeaways:
- When it comes to LTV, Nationwide has recently announced that they have increased their eligibility requirements to 90%.
- Many lenders are expanding their guidelines to allow young lenders more freedom in the future.
- Equity loans are best done by big branches due to smaller lenders potentially having trouble with the complexity.
“Around one in five brokers reported their clients are having difficulties with affordability assessments, with almost two-thirds suggesting it is still too early to say.”