Nationwide has increased the loan to income (LTI) limit for self-employed mortgage borrowers to 4.49 times income.
This was previously four times income and the change applies to those who are remortgaging or purchasing a new property.
The mutual currently lends up to 85 per cent loan to value (LTV) on self-employed applications.
This change comes after data from Mortgage Broker Tools last month found that self-employed borrowers were finding it harder to secure their desired mortgage loan amount after the mini Budget.
The criteria sourcing system provider revealed that the proportion of searches completed on its platform which did not meet a self-employed applicant’s needs rose from 28 per cent before the mini Budget to 37 per cent.
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
