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HSBC has made changes to the income multiples it uses to work out how much people can borrow when they apply for a mortgage.

The bank has consistently offered incredibly cheap mortgage rates through the coronavirus crisis but says it is making changes to ensure its borrowers can afford their repayments.

From Monday 8th June, where borrowers have more than a 15% deposit, the maximum income multiple will be 4.49 x income for those earning less than £30,000 and 4.75 times income if you earn over £30,000. For those learning over £100,000, the maximum mortgage will be capped at a five-times salary.

For applicants with less than a 15% deposit, HSBC's mortgages will be limited to 4.49 times salary if they earn less than £100,000 increasing to 4.75 times income if they earn more than £100,000.

Aaron Strutt, product director at Trinity Financial, says: "If you are planning to purchase a property and borrow five or 5.5 times your single or joint income, there are lenders still offering more generous income multiples.

"The banks and building societies use affordability calculations to work our how much you can borrow, but they typically reduce the maximum loan size if you have dependents, credit cards, loans or cars on finance."

Call Trinity Financial on 020 7016 0790 to secure a mortgage or send an enquiry

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