Nationwide has become one of a number of mortgage lenders to cap the amount it is willing to lend to homeowners . The lender has announced it will lend no more than £350,000 to any borrower taking out a selfcertified mortgage . With the credit crisis resulting in a shortage of capital across the banking sector, Nationwide has stated it is to focus on ‘high quality’ customers, and will be reticent to lend to landlords with property portfolios of over £1 million.
A subsidiary of Nationwide, meanwhile, has withdrawn its 100 per cent loan to value mortgages, leaving Abbey as the only lender to offer such a high proportion. Some other lenders have placed a geographic emphasis on their lending policy, with borrowers in some areas ineligible to take out a loan.
Somewhat unsurprisingly, in the wake of the subprime crisis, new figures have shown that hardly any lenders are approving loans to borrowers without a deposit.
Nationwide Tightens Loan Lending
Tue, 25 Mar 2008
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