http://news.bbc.co.uk/1/hi/business/7371114.stm
The cap on the total loan must be highly significant (if I am reading this correctly?)
Does this indicate that regardless of the "value" of the property the Nationwide are taking the view that they now are going to limit their exposure to any one buyer, so that, for example, a high earner wanting a £600,000 loan on a £1.5M property isn't going to get it and will have to take a second charge with another lender to complete the purchase? (I note the 85% LTV condition meaning I take it that a loan of £500k would be possible on a property worth £588k or more)
Is this new or do other lenders have a similar cap?