Nationwide caps mortgage lending due to Virus
The Nationwide will lower its ceiling for mortgage lending to new customers in response to the coronavirus crisis.
It said the change, from Thursday, was due to “these unprecedented times and an uncertain mortgage market”. First-time buyers are likely to be the most significantly affected because they often have smaller amounts saved to get on the property ladder.
Nationwide has reduced the proportion of a home’s value that is willing to lend from 95% to 85%.
Here is how the UK Mortgage market is adjusting to the financial impact of COVID-19
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