Scottish Widows raises mortgage income multiple for clients earning £75,000+
Scottish Widows Bank has increased its maximum mortgage income multiple for borrowers earning over £75,000.
The income multiple used to for mortgages up to £500,000 has risen from 4.75 times salary to 5 times salary. It has also been raised from 4 times salary to 4.49 times salary for those looking for £500,000+ mortgages. Single or joint applicants will need a 25% deposit and earn £75,000+ to qualify.
Aaron Strutt, product director at Trinity Financial, says: “Some banks and building societies provide more generous loan sizes when borrowers earn over £75,000 each year.
“Barclays is offering 5.5 times salary mortgages for clients earning over £75,000 and another bank can offer even larger multiples for applicants earning at least £100,000.”
Scottish Widows is keeping the maximum income multiple at 4.75 times salary for those earning between £25,000 and £75,000. Unfortunately, it is lowering the calculation for those earning up to £25,000.
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