The Nottingham Building Society has increased its maximum loan size from £275,000 to £500,000 on 95% loan to value (LTV) residential products.
In 2018, 70% of the applications for the society’s 95% LTV products were made by first time buyers.
Nikki Warren-Dean, head of Nottingham for Intermediaries, said: “We spend a lot of time listening to the views of our customers, broker network and team to ensure our mortgage products are competitive and attractive to a whole range of buyers. We know saving up for a deposit can be tough and for some, even saving 5% is a challenge.
“Our previous maximum threshold was relatively low when you consider the price of a house or flat in areas like the South East and London – it was just not an option for those buyers so we acted on feedback and increased this to £500,000. We are confident this will help more people, including many first time buyers with whom the product is so popular, get their home sooner.
“The Nottingham was founded on the principle of helping people purchase their homes and the proactive developments we are making at The Nottingham for Intermediaries are helping more and more members achieve that goal.”