NatWest is giving buyers and remortgagers a major lift increasing loan-to-income (LTI) limits for residential mortgages.
Now sole applicants earning more than £75,000 can borrow up to 6 x income on purchases and remortgages at 75% LTV or below.
And joint applicants with combined incomes above £100,000 now have access to the same 6 x LTI.
Meanwhile, other customers see the maximum LTI rise from 5 x to 5.5x salary, widening borrowing power for first-time buyers, home movers and those remortgaging to NatWest.
SIGNIFICANT BOOST
Under the new criteria, a £75,000 earner could borrow up to £37,500 more than before, giving buyers a significant boost in a market where affordability remains tight. The changes apply to repayment mortgages only.
Lloyd Cochrane (main picture, inset), head of mortgage propositions at NatWest Group, says: “As a major lender supporting the housing market in the UK, we are committed to championing home ownership and today’s changes allow us to responsibly lend more to our mortgage customers.”
