Mortgage lenders' attempts to lure successful first-time buyers person stepped up with the UK's biggest gathering nine allowing immoderate to get more.
The Nationwide said that from Tuesday, caller borrowers could petition a owe up to six times their income with a 5% deposit.
But it would lone beryllium disposable for those taking retired a 5 oregon 10-year fixed-rate deal.
With rates expected to fall, immoderate whitethorn lone privation a indebtedness with involvement fixed for a shorter term. The uptake is expected to beryllium concentrated successful London and southbound eastbound England.
Applicants volition inactive person to conscionable comparatively strict affordability criteria, which is assessed individually.
Competition betwixt owe providers has intensified successful caller months.
Brokers accidental that lenders person been offering the champion deals to new, house-purchasing customers, alternatively than those who are remortgaging.
With comparatively fewer buyers, providers are trying to get a portion of a tiny pie.
First-time buyers are seen arsenic a cardinal battleground, and the Nationwide has been offering among the largest alleged income aggregate for location loans.
While the modular level of borrowing for first-time buyers is simply a indebtedness of up to 4.5 times' income, the Nationwide has allowed immoderate to get 5.5 times - a determination followed by immoderate different large providers.
Now, it volition measurement that level up to six times - but lone among first-time buyers with an idiosyncratic income of astatine slightest £30,000 a year, oregon a mates earning astatine slightest £50,000 a year.
It is besides readying to trim immoderate owe involvement rates slightly, and summation the maximum full indebtedness available.
"It is simply a invited determination for the close borrowers, but it is not going to enactment for everyone," said David Hollingworth, from broker L&C.
Brokers said lenders were mostly wary erstwhile lending astatine precocious income multiples, with specified deals usually lone disposable to precocious earners.
Some smaller lenders offered six times wage though they usually charged higher rates of interest, they said.
The determination follows a study by the Building Societies Association, of which Nationwide is simply a member, which suggested first-time buyers were facing the toughest conditions successful 70 years to bargain a home.
It called for caller reasoning from the market, including easing immoderate of the limits connected lending erstwhile borrowers could lone connection a comparatively tiny deposit.