Overview

• Nationwide Building Society's reduced stress-test rates are now in effect, boosting borrowing capacity for standard borrowers, first-time buyers, and home movers fixing for at least five years.
• Applicants can borrow on average £28,000 more, with remortgage customers potentially accessing up to £42,600 in additional financing.
• The changes follow Financial Conduct Authority guidance allowing lenders to conduct stress tests based on product rates rather than revert rates.
• Nationwide's Helping Hand scheme continues to support first-time buyers, enabling borrowing up to six times income at 95% loan-to-value.
• The society is urging the Bank of England to review its 15% cap on high loan-to-income mortgages, which it argues limits the full impact of these affordability changes.