Daily Express - Home buyers can borrow up to 6.5 times income in new deal - is it a risk?
Tags: Press Commentary, The Daily Express
One group of buyers can now borrow up to 6.5 times their income in a major mortgage shake-up that could slash the deposit needed for an average home by almost £57,000.
Coventry Building Society has increased its maximum loan-to-income multiple for eligible first-time buyers, as lenders battle to attract customers in an increasingly competitive mortgage market. The move could make home ownership possible much sooner for some buyers - but experts have warned that bigger mortgages could also leave households dangerously exposed.
Aaron Strutt, Product and Communications Director at Trinity Financial, said the Coventry move showed "how keen lenders are to attract more first-time buyers".
He added: "Most first-time buyers will not need to borrow the full 6.5 times salary, but they do need an income boost."
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