NATIONWIDE has angered first-time buyers after making a "crazy" change to a mortgage scheme aimed at first-time buyers. The lender's Helping Hand mortgage helps wanna-be property owners borrow up to six times their income. It helps those on smaller wages buy houses in pricier areas such as London.
![[a national savings society sign hangs from the side of a building]](https://www.thesun.co.uk/wp-content/uploads/2024/11/2023-nationwide-building-society-branch-866513301.jpg?strip=all&w=960)
The deal also allows customers to borrow 95% of the value of the property, meaning they would only need a small deposit of 5%. Buyers can then secure their home with one of Nationwide's five or 10-year fixed-rate mortgages. But prospective buyers were left enraged this week when they realised the lender had increased the minimum income threshold for solo buyers.
Prior to the change, applicants looking to buy a home by themselves could get approved for the Helping Hand scheme if they had a annual income of £35,000. This has now been increased to £40,000, marking a £5,000 leap. The move has left people outraged, with many thinking the increase will make it harder for those wanting to buy a home.
One said: "Who the hell earns £40k as a single person these days, especially not many young people who will be first-time buyers. "This is crazy no wonder property market has stalled.". "Helping hand for those who don’t need it," another said. Myron Jobson, senior personal finance analyst at interactive investor, said the move compounds "first-time buyers’ struggles by adding yet another hurdle to an already challenging market".
