MPowered Mortgages has increased its maximum loan-to-income (LTI) ratio to 5.5 times income.
The changes will see single employed applicants earning upwards of £75,000 a year – or joint employed applicants with a combined income of £100,000 or more – able to access up to 5.5 times their annual income. Meanwhile, those earning £60,000 can borrow up to five times their annual income.
MPowered Mortgages has also lowered its mortgage rates across a selection of its 2- and 5-year fixed rate mortgage products earlier this week by up to 0.14%. It has also launched new 2- and 5-year fixed products with a £1,999 arrangement fee, aimed at larger loan sizes.
MPowered’s 2-year rates now start from 4.68% with a £1,999 arrangement fee, whilst 5-year rates start from 4.34%.
Emma Hollingworth (pictured), managing director of Mortgages at MPowered Mortgages, said: “We are excited to offer an increased maximum LTI as we continue to do our utmost to support those looking to buy a home at this time in every way we can.
“Being able to offer up to five and a half times income will help many looking to buy or remortgage their home at what remains a challenging economic environment.
“We see it very much as our role as a lender to be supportive and to adapt our offering to meet consumers’ needs.
“With the announcement also of our new rates on our 2- and 5-year products, it is vitally important that buyers seek independent advice in order to ensure they are able to access a product that best suits their individual circumstances.”
