NatWest for Intermediaries and Platform have increased the income multiples they use to assess mortgage affordability.
NatWest’s current maximum income multiple for mortgages of more than £500,000 is four times income. Although, from 12 May, it will be raised to a maximum of 4.85 times income up to 90% loan-to-value. The bank offers a range of larger mortgage loans.
Platform, The Co-operative Bank’s broker lending arm, is allowing clients to borrow up to 4.85 times income, up from its previous flat rate of 4.49. Platform’s maximum loan size is £1.5 million.
If you are looking for a more generous income multiple, Trinity has access to lenders offering between five and six times both single and joint salaries.
Aaron Strutt, product director at Trinity Financial, says: “Some mortgage lenders offering less generous income multiples have struggled to attract borrowers because they cannot lend as much money as their competitors.
“By increasing the maximum income multiples NatWest and Platform will hope to provide more mortgages, particularly as they offer such competitive rates.”
To secure a more generous mortgage call Trinity Financial on 020 7016 0790.