Selected private banks exempt from loan-to-income mortgage cap
The Prudential Regulatory Authority has amended its rules capping the number of high loan-to-income transactions by excluding lenders providing fewer than 300 mortgages a year.
Some lenders and mortgage brokers previously argued that high net worth lending was very different to mainstream lending, making the 15% cap on residential mortgages above 4.5 times income inappropriate for many private banks.
Paul Smee, director general of the Council of Mortgage Lenders, says: “We are pleased that the PRA listened to the CML and other organisations who argued that the high loan-to-income lending limit was anomalous for niche lenders in the high net worth lending market.”
Trinity has access to a host of private banks and regularly create mortgage solutions for wealthier clients, particularly if they are asset rich and cash poor.
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