Nationwide Building Society has increased the maximum loan-to-value from 80% to 90% loan-to-value for customers fully paying off a Help to Buy equity loan.
It’s been five years since the launch of the Help to Buy equity loan, meaning some customers using the scheme are having to pay interest on the equity share for the first time.
Henry Jordan, Nationwide’s director of mortgages, said: “It is five years since Nationwide began offering mortgages for Help to Buy equity loan customers and we continue to support a significant proportion of first time buyers and house purchase customers looking to access this option.
“This increase in maximum loan to value will enable us to support more customers, both existing members and those looking to remortgage to the society.
“Those due to pay interest on the equity loan potentially also face the prospect of owing an increased amount in the future if their property increases in value.
“This change helps customers looking to take the path towards full homeownership, ensuring that by the end of the mortgage term they will own their home outright.”
Nationwide will accept both new and existing customers.