NatWest has boosted its loan-to-income calculations for residential capital and interest repayment mortgages to allow first time buyers to borrow up to 5.5 times their income.
Single or joint borrowers earning over £40k and borrowing between 75% and 90% loan-to-value, could get a mortgage multiple of up to 5 times income
Those earning over £75K sole income/£100k joint income and borrowing between 75% and 90% LTV could get a mortgage multiple 5.5 times income
These loans to income are subject to affordability and credit scoring.
The enhanced multiples are not just available to first time buyers. Applicants moving home can also avail of the higher income multiples for a mortgage on their new property.
NatWest is the latest lender to enhance its LTI criteria after Marsden Building Society, Loughborough Building Society and TSB recently announced changes.
To discuss your mortgage options contact a local Mortgage Broker.
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