Estate Agent Today - Boost for first-time buyers as HSBC expands loan-to-income ratios
HSBC has increased its loan-to-income (LTI) ratio for first-time buyers.
The lender is now offering first-time buyers LTI multiples of up to 5.5 times their salary on mortgages.
Sole applicants earning at least £35,000 and joint applicants with a combined income of £55,000 or more will be eligible for enhanced borrowing.
Aaron Strutt, product and communications Director at London-based Trinity Financial, added: “HSBC is the latest lender to start offering 5.5 times salary mortgages to first-time buyers providing single applicants earn £35,000 or joint borrowers have a combined income of at least £55,000.
“So many of HSBC’s rival lenders are offering high income multiples that the bank probably decided it needed to make the change to keep up with the competition, as well as to help more first-time buyers borrow the money they need to get on the property ladder.”
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