If you're a first-time buyer looking for the best mortgage rate to stretch your budget and secure a larger home, Nationwide may have just come to the rescue with a game-changing new offer.

While many lenders only offer 4.5 times your salary, Nationwide recently announced that first-time buyers can now borrow up to 6 times their income. Even better, this is available with just a 5% deposit. However, applicants must meet strict criteria, and the offer is limited to those choosing a 5- or 10-year fixed-rate mortgage.

This opportunity is open to individuals earning at least £30,000 annually, or couples with a combined salary of £50,000, making it accessible only to those with steady and provable incomes.

The announcement comes as the mortgage market becomes increasingly competitive. With house prices continuing to recover from a dip in the last few years, many buyers are finding it harder to secure the finance needed to get on the property ladder. Nationwide's move could be a lifeline for those struggling to afford a home, particularly in areas where property values are rising fastest.

However, while the prospect of borrowing more may seem appealing, buyers should approach this offer with caution. A mortgage at six times your salary could result in higher repayments over time, especially as interest rates fluctuate. Although the increased borrowing capacity could help you afford a larger property or buy in a more desirable location, it also means paying more interest over the years. It's crucial to ensure your income can comfortably cover the repayments, particularly as living costs rise.

That said, for those who meet the criteria and can manage the repayments, Nationwide's offer could provide a significant boost, helping to make buying your first home a reality in a challenging market.

If you're looking at purchasing your first home but aren't sure where to get started, our friendly and professional Sales team are always on hand to offer any guidance and advice.