Halifax increases maximum income multiple to five times salary
Halifax for Intermediaries has raised its maximum income multiple to five times salary for both single and joint applications. It also now offers 5.5 times salary to some first-time buyers earning over £50,000.
Borrowers will need to earn between £50,000 to qualify for five times salary, and they will require a 25% deposit to qualify.
For those earning more than £75,000 with a 25% deposit, the maximum loan is also now available at five-times salary, including mortgages over £750,000.
Aaron Strutt, product director at Trinity Financial, says: "Halifax is the UK’s biggest mortgage lender and it has been keen to increase its income multiples for a long time. Most of its competitors have been offering five-times salary mortgages for years."
Like other lenders, Halifax's income multiples are calculated using the size of the deposit, credit score and the mortgage loan size. If you have a deposit of between 25% and 15% and earn more than £75,000 - Halifax has capped the maximum loan at £750,000.
Halifax First-Time Buyer Boost
Halifax offers first-time buyers increased mortgage income multiples of up to 5.5 times their salary. Applicants must have a combined income of £50,000 or more and they will need a 10% deposit.
- Any applicant can be a first-time buyer (could be one applicant on a joint application).
- This scheme is available for employed and self-employed borrowers.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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