HSBC has increased the loan to income multiple to 5.5 for borrowers earning £100,000 or more across its entire range up to 90 per cent loan to value (LTV).
The update will come in on Monday. It is up from five times income borrowers in this bracket were previously able to borrow.
Over the course of this year, a number of lenders have increased the income multiples for those on higher salaries.
This included Metro Bank which widened borrowing limits for those earning more than £100,000 to five times their income. Barclays also adjusted its limits, allowing customers with a gross income of £75,000 to borrow up to five times their income. This was a similar move to Ipswich Building Society, which raised multiples to 5.5 for those earning £75,000 and more per year.
Speaking to Mortgage Solutions, HSBC said despite the change it would still look at all applications individually to ensure affordability is met.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
