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Newcastle BS increases income multiples

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  • 15/11/2021
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Newcastle BS increases income multiples
Newcastle Building Society has updated its lending criteria to boost affordability for customers looking to borrow up to 85 per cent loan to value (LTV).

 

The lender has increased its loan to income (LTI) multiples from 4.49 x income to a maximum of 5 x income on mortgages within the lending tiers.

The changes apply to both employed and self-employed borrowers where gross income is greater than £50,000. Where gross income falls below £50,000 or where LTV is higher than 85 per cent, the maximum LTI remains at 4.49 x income.

Franco Di Pietro (pictured), head of intermediary mortgages, said: “As a building society, we’re committed to supporting home ownership by regularly reviewing our criteria to meet the changing needs of customers.

“Recent house price inflation has meant borrowers are now requiring lenders to support them further by enhancing their affordability criteria whilst still lending responsibly.”

“I’m confident these improvements to our loan to income multiples and our continued flexible approach to underwriting will provide borrowers with more options,” he added.

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