Key Takeaway

Nationwide Building Society has extended its six times income lending to home movers and remortgage customers, previously available only to first-time buyers. Borrowers can now access up to 6x their gross annual income, subject to a maximum loan-to-value (LTV) of 80 per cent and minimum deposit requirements. This change increases borrowing capacity for existing homeowners looking to move or remortgage, particularly in higher-value property markets.

Who Qualifies for Six Times Income Lending

The expanded criteria apply to home movers purchasing a new property and to existing homeowners remortgaging with Nationwide. According to mortgage affordability guidance from MoneyHelper, lenders typically offer between 4 and 4.5 times annual income, making Nationwide’s 6x multiple significantly higher than the market norm.

To qualify, you must meet Nationwide’s standard affordability assessment, which includes your income, existing financial commitments, monthly outgoings, and credit history. The 6x income multiple is subject to Nationwide’s underwriting criteria and is not automatically available to all applicants.

Loan-to-Value and Deposit Requirements

The six times income lending is capped at 80 per cent LTV, meaning you need at least a 20 per cent deposit for a purchase or 20 per cent equity for a remortgage. For example, on a property valued at £400,000, you would need an £80,000 deposit and could borrow up to £320,000, provided this does not exceed six times your gross annual income.

Higher LTV products (above 80 per cent) revert to lower income multiples, typically 4.5x or below. The Financial Conduct Authority requires all lenders to assess affordability responsibly, ensuring borrowers can meet repayments under stress-tested interest rate scenarios.

Read also: How Rising Interest Rates Affect Mortgage Affordability in the UK

What This Means for Remortgage Customers

For remortgage customers, the 6x income multiple can support borrowing additional funds through a further advance or switching to a new deal at a higher loan amount, provided you have sufficient equity and meet the affordability criteria. This may be relevant if property values have increased since your original mortgage, creating additional equity you wish to access.

If you are remortgaging to a lower LTV (for example, from 85 per cent to 75 per cent), the expanded income multiple may allow you to maintain or increase your loan amount while securing a better rate. Always compare the total cost, including any early repayment charges (ERC) on your existing deal and arrangement fees on the new product.

Next Steps

If you are considering a home move or remortgage and want to explore higher income multiples, obtain an agreement in principle (AIP) from Nationwide to confirm the loan amount available to you. Compare this against other lenders’ offerings, as income multiples, rates, and fees vary significantly across the market. Speak to an FCA-authorised mortgage adviser to assess whether borrowing at a higher income multiple is sustainable for your personal circumstances and long-term financial plans, as recommended by Which?.

Important Information

This information is general educational guidance and is not regulated mortgage advice or personalised financial or lending advice. Refisage is not authorised by the Financial Conduct Authority (FCA). Mortgage eligibility, rates, income multiples, and product availability vary by lender and individual circumstances. Your home may be repossessed if you do not keep up repayments on your mortgage. Lending criteria, LTV limits, and affordability assessments are subject to change. Speak to an FCA-authorised mortgage adviser for advice specific to your situation before making any mortgage decision.