We’re changing how we lend – new loan to income changes

We’re pleased to share some positive changes to our income multiples designed to help more borrowers access the lending they need, particularly important for first time buyers looking to make their first purchase.

We’ve broadened our criteria to increase borrowing potential across a wider range of income bands. Here’s what’s changed:

• Up to 5.75x income for single or joint applicants with allowable income above £60,000, up to 90% LTV. (Previously required income over £75,000)
• 5x income where allowable income is between £40,000.01 to £60,000, for single or joint applicants, up to 90% LTV. (Previously £50,000 to £75,000)
• 4.5x income where allowable income is £40,000 or less, or for cases with LTV over 90%. (Previous threshold was £50,000)

These changes mean more flexibility and greater borrowing potential for your clients. Especially those who may previously have just missed out on higher income multiples.

If you’d like to discuss how these updates could benefit your pipeline or specific cases, please get in touch with your BDM. You can find their details here.