Tag: Borrow 5.5 x income

Understanding the Halifax First-Time Buyer Boost

When selecting a first mortgage, factors beyond interest rates must be considered, including associated costs and process simplicity. The Halifax First Time Buyer Boost enables borrowing up to 5.5 times income for first-time buyers with a minimum income of £50,000, subject to credit profiles and specific criteria.

When choosing a first mortgage for your client, there are more things to consider than just the interest rate. You also need to consider all the associated costs involved, and how easy the process will be – from application to completion.

When it comes to helping first time buyers, we know that the main obstacles are size of the deposit and being able to borrow the amount needed to buy the home.

The Halifax First Time Buyer Boost offers an increased 5.5x loan to income. The following criteria applies

At lease one applicant is a first time buyer
Total income on application is £50,000 or more
Maximum borrowing is 90% of the property value
The First Time Buyer Boost is not available where the mortgage is on shared equity or shared ownership schemes.
For applications with any element of self-employed income the loan to value boost will not apply
Subject to applicants credit profile.

Get in touch with a local mortgage broker.

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Skipton make life easier for first time buyers

With all the challenges facing first-time buyers, Skipton Building Society felt it was time to act, to bring the ladder closer to first time buyers and remove some of the upfront costs and barriers that stand in their way.

They have introduced the first-time buyer range, a selection of products and offers designed to give purchasers more opportunity to realise their dream of buying their first property.

Up to £1,500 cashback on selected products. Minimum loan size is £125,00.
Up to 5.5x loan to income on up to 90% LTV for incomes >£100,000
Extra £250 cashback for Skipton Lifetime ISA customers. (Terms and conditions [PDF] apply.)
Up to 40 year terms available.
Income Booster (Joint Borrower, Sole Proprietor).
Free standard valuation for mortgage purposes.
No completion fee on our first-time buyer exclusive products.
Up to 95% LTV (including new build houses and flats).
Fixed rate options.

Our Track Record mortgage offers first-time homebuyers with a recent 12-month track record of paying rent up to 100% LTV, to help them buy their own home (eligibility criteria apply).

Income Booster mortgages (Joint Borrower Sole Proprietor) – we allow up to 4 applicants and supporting borrowers don’t have to be related to the main applicant to qualify.

Products available for major government schemes including Shared Ownership.