What Mortgage - NatWest increases mortgage borrowing for higher earners

NatWest is increasing the amount it will borrow to joint applicants earning more than £150,000 a year.

The mortgage lender will now lend at 6.5 times the applicants’ income for higher earners who are borrowing at 75% of their property’s value or less.

The move is part of a drive by NatWest to maximise people’s borrowing potential and is being described a ‘generous’ by one broker.

According to Aaron Strutt, product and communications director at Trinity Financial, He thinks NatWest will acquire more business through today’s change, especially as many applicants only need slightly more generous loan sizes to buy the properties they want. But he also warned borrowers considering this option to think carefully and seek advice first.

“NatWest has always been a relatively generous lender, but it has gone one step further to being one of the top income multiple providers to higher income earners,” he said.

“This policy change means they are more generous than virtually all of the other banks and building societies.”

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