Specialist lender Aldermore has announced an enhancement to its affordability criteria for residential mortgages, providing greater borrowing power for owner occupiers.
The lender said the changes would increase maximum borrowing capacity by around 9% on average.
The update also improves flexibility for customers by narrowing the gap between shorter-term and 5-year mortgage deals, giving borrowers more choice when selecting products that suit their needs.
This latest update follows a series of product enhancements introduced by Aldermore last week, including new limited edition deals for landlords and rate reductions across its wider range.
Jon Cooper, director of mortgages at Aldermore, said: “This is another change that we were keen to make for brokers and their clients, offering owner occupiers significantly enhanced capacity to borrow.
“We’re a lender that listens to what our brokers and our borrowers tell us they need, and we’ll continue to make targeted improvements like this on an ongoing basis.”
