Thisismoney.co.uk - First time buyers can now get a mortgage for 6.5 times their salary... and only put down a 5% deposit

First-time home buyers could now borrow six and a half times their salary to get on the housing ladder, and put down just a 5 per cent deposit. 

Coventry Building Society has increased the loan to income ratio for eligible borrowers to 6.5 times, meaning a single applicant earning the average salary could potentially borrow up to £255,190 to buy a home. 

Aaron Strutt of London-based mortgage broker Trinity Financial added: 'It shows how keen lenders are to attract more first-time buyers and make it easier to get a sufficiently large mortgage to buy the property they want.

'For many first-time buyers the thought of borrowing up to 6.5 times salary is not that appealing, but they will do it if it means they can get on the property ladder.

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