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The Nottingham ups LTI ratio

  • 27/04/2023
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The Nottingham ups LTI ratio
The Nottingham Building Society has increased its loan to income (LTI) ratio from 4.5 times income to 5.5 times income.

This will be available to households with a gross annual income of over £75,000. This means people with an income of this level could access a loan of up to £412,500 instead of the previous maximum of £337,500. 

The Nottingham said it made this change in response to the “challenging economic climate” that homeowners were facing. 

The mutual will still conduct its affordability tests including a stressed interest rate, to make sure it lends responsibly. 

Alison Pallett (picture), sales director of the Nottingham Building Society, said: “It’s imperative that we move with the ever-changing needs of our customers. 

“We know that homebuyers are facing an extremely challenging economic environment, and we are committed to helping buyers navigate this period. We also recognise that rapid changes to the way we live and work mean that lenders with non-traditional circumstances can find it difficult to get the mortgage they want. We hope that alongside our affordability criteria, increasing our LTI ratio will help more homebuyers on their journey.” 

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