The Times - ‘Game-changer’ for mortgage market as banks loosen lending limits

Two thirds of Britain’s largest mortgage lenders now offer home loans of at least six times a borrower’s salary as banks continue to loosen lending limits introduced after the 2008 financial crisis.

NatWest became the latest big bank to increase how much it would lend borrowers, with single applicants earning more than £75,000 and joint applicants on more than £100,000 able to borrow at more than six times their salary, at up to 75 per cent loan-to-value, up from 5.5 times before.

Aaron Strutt from Trinity Financial, told The Times: “When the larger lenders start offering higher income multiples it puts pressure on the remaining lenders which are not offering such large income stretches to do the same. There is no point in going to a lender offering a super cheap rate if it will not offer a sufficiently large mortgage to get the property you want to buy.

“All of these income multiple changes really are a game-changer for the mortgage market and those keen to get on the property ladder.”

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