Under the revised criteria, applicants can borrow beyond the standard 4.49 times income criteria.
Sole applicants with an income of £50,000 or more can now access borrowing of up to 5.99 times income.
Joint applications with a combined income of £70,000 or more can also now access borrowing of up to 5.99 times income. It is available on applications with up to four borrowers and joint borrower sole proprietor (JBSP) applications.
Foundation said the changes were designed to support a range of customer segments, including high-net-worth individuals (HNWIs) who don’t meet traditional professional borrower definitions, creditworthy customers whose borrowing capacity is constrained by house prices, joint borrowers with strong combined incomes, and families using JBSP arrangements to help relatives access or remain in homeownership.
The LTI enhancements come days after a refresh of Foundation’s revised adverse credit criteria and a number of pricing changes.
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Grant Hendry (pictured), director of sales at Foundation, commented: “The housing market continues to present affordability challenges for many borrowers, particularly those with strong incomes who find their borrowing potential restricted by standard loan-to-income limits rather than their ability to repay the loan.
“These changes allow us to take a more flexible approach for higher-earning customers across a range of borrowing scenarios, including joint applications and joint borrower sole proprietor cases. They enhance our ability to support creditworthy borrowers whose circumstances may not fit a standard lending model.
“Alongside the wider enhancements we’ve made to our residential proposition, these changes give brokers more options when placing cases and provide more opportunities to say yes to customers with strong affordability. Ultimately, it’s another example of our commitment to making mortgages happen.”
