Nationwide allows first-time buyers to borrow six times earnings - but is it a good idea?

The UK's biggest building society is to allow first-time buyers with a 5% deposit to borrow up to six times their income

Man walking past Nationwide branch
(Image credit: Getty Images)

Nationwide, the UK's biggest building society, is to allow first-time buyers with a 5% deposit to borrow up to six times their income.

While house prices remain relatively high, the new mortgage deal from Nationwide could mean some first time buyers are now able to step onto the property ladder.

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Chris Newlands

Chris is a freelance journalist, and was previously an editor and correspondent at the Financial Times as well as the business and money editor at The i Newspaper. He is also the author of the Virgin Money Maker, the personal finance guide published by Virgin Books, and has written for the BBC, The Wall Street Journal, The Independent, South China Morning Post, TimeOut, Barron's and The Guardian. He is a graduate in Economics.