The changes mean that those on an £40,000 or less, on an LTV over 90 per cent can borrow on a maximum LTI 4.49 times income. The LTV limit for this income multiple was previously 85 per cent.

Its Help to Buy and shared ownership mortgages now have a maximum LTI of 4.5 times income.

Those on an income of £80,000 or less, borrowing over 85 per cent LTV or with any element of interest-only, the maximum LTI is 4.75 times income. The previous LTV limit was 75 per cent.

All other residential lending now has a maximum LTI of five times income.

Charlotte Harrison (pictured), head of mortgage products at Skipton Building Society, said: “These changes mean some of your clients could benefit from an extra £20,000 of borrowing or £40,000 for joint applicants. That could make a huge impact on the property they are looking to buy, especially those at 90 per cent LTV, where raising that extra cash as a deposit is increasingly difficult.”

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