The mutual has made higher income multiples available at 90% loan to value (LTV), meaning those with a total income of £50,000 can now borrow up to five times their income.
For borrowers earning more than £75,000, a loan-to-income (LTI) ratio of 5.75 is available. Both are up from 4.5 times income previously.
West Brom Building Society has also increased loan sizes and will now lend up to £750,000 at 90% LTV, up from £500,000, while the maximum loan at 95% LTV has gone up from £400,000 to £600,000.
Gareth Madeley, head of product at West Brom Building Society, said: “We’re always looking at ways to make homeownership more accessible for our customers. By extending higher income multiples on lending of up to 90% LTV, we’re giving customers the opportunity to access more funds, and for some, that could mean the difference between being able to own a home or not.
“With affordability remaining a stretch for many, this move will enable more first-time buyers and next-time buyers to own the home they want, and we’re really supportive of that, providing it’s done in a way that remains affordable and responsible.”
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West Brom Building Society follows the likes of Santander, Suffolk Building Society and Nottingham Building Society in offering higher income multiples in response to loosened lending policy.
