The Society has also announced enhancements to its joint borrower sole proprietor criteria.

Nationwide is also removing the requirement for these applicants to provide at least 25% of the total deposit from their own resources.

The lender has also increased the maximum LTV for small MUFBs to 75%.

Interest-only and part-and-part mortgage product ranges will benefit from the increase.

The lender's interest-only fixed rates start from 5.25%.

The number of pure interest-only mortgages has dropped by 70% over the past decade to 664,000, representing only 8% of the residential mortgage market.

The 5% LTV increase applies across LiveMore 1, 2 and 3 standard interest-only products.

Rates have reduced across lifetime mortgage, standard capital & interest, standard interest-only and RIO products.

Interest-only customers are continuing to redeem on or ahead of schedule.

Five-year fixed rates now start from 4.65%.