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Nationwide increases lending limit to £2m

Nationwide has increased its upper lending limit from £1m to £2m on its fee-free mortgages of up to 75 per cent loan-to-value.

The lender says it will consider higher amounts on mortgages up to 70 per cent LTV from March 31.

A spokesman says: “We believe the market has settled sufficiently for us to return to lending larger loans.  Prior to the credit crunch we did not have an upper limit on our mortgages.  As the market has now stabilised we are in a position to return to more ’standard’ lending arrangements. 

“There is demand for larger loans, particularly in and around London, and we want to be in a position to offer our borrowers the types of loans that meet their needs.”

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