Loughborough Building Society has re-introduced its 5.5 times income mortgage product to help borrowers who are able to afford a loan but see their borrowing power reduced by income multiples.
The two-year fixed rate product is available up to 80 per cent loan to value (LTV) and has a rate of 3.49 per cent. There is a £699 completion fee and the maximum loan amount is £750,000.
The minimum income Loughborough will allow is £50,000 for sole applicants and £75,000 for joint applicants. Applicants will likely be in careers where they will see incremental increases in income in the future, but the mutual said there was no restriction on profession.
Early repayment charges also apply over the fixed term of the mortgage,
Ashley Pearson (pictured), business development manager at Loughborough Building Society, said “It’s great we’ve been able to re-introduce this solution for those who need a little more buying power in today’s market.”
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.
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