West Brom offering 5.75 times salary mortgages for borrowers earning over £75,000 with a 10% deposit
West Brom for Intermediaries has made changes to its mortgage affordability rules and introduced new lending policy changes to help borrowers get up to 27% more money.
The building society has extended its loan-to-income policy to borrowers with a deposit of at least 10% of the property purchase price. West Brom says eligible customers may be able to borrow up to 27% more, depending on their income. This figure is "based on an increase in the maximum loan-to-income for borrowers with a 10% deposit, raised from 4.5x salary to 5.75x salary."
What else has West Brom changed?
As part of the new rules, West Brom will lend up to 4.5x the income to individuals earning over £50,000 or less per year, or those with less than a 10% deposit. It is now possible to get 5x income where applicants earn more than £50,000 but no more than £75,000 per year, and they have a 10% deposit or more. The most generous 5.75x single or joint income is for those earning more than £75,000 per year with a deposit of at least 10% of the purchase price.
Aaron Strutt, product director at Trinity Financial, says: "Lots of the lenders are making mortgage affordability changes at the moment and they are offering more generous loan sizes. Our brokers have access to systems that can assess the maximum loan sizes available across all of the lenders based on income and expenditure. Rates are still competitively priced."
Maximum loan sizes also up for those with 5% and 10% deposits
West Brom has increased the maximum loan sizes for borrowers with a 5% or 10% deposit. Eligible customers will be able to borrow up to £200,000 and £250,000 more, respectively.
The maximum mortgage amount is now £750,000 with a 10% deposit. With a 5% deposit, the maximum loan size is now £600,000.
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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