first direct increases maximum mortgage borrowing limits
The maximum loan at 90% loan-to-value (LTV) increased from £750,000 to £775,000, with a £750,000 limit for flats.
first direct has increased its maximum mortgage borrowing limits for residential purchases and remortgages.
The maximum loan at 90% loan-to-value (LTV) increased from £750,000 to £775,000, with a £750,000 limit for flats.
At 85% LTV, the limit rose from £2m to £3m, with a £1m maximum for flats.
The limit at 75% LTV increased from £3m to £5m, with a £3m maximum for flats.
Liam O’Hara, head of mortgages at first direct, said: “Our enhanced lending limits complement our existing range of mortgage features that are designed to support as many people as possible buy their dream home.
“These include flexible terms of up to 40 years, loan-to-income ratios of up to 5.5, unlimited overpayments and competitive rates.
“As more customers seek to upgrade to their next home, we want to make sure that this is possible within our lending limits policy.”
O’Hara added: “The change reflects our desire to help all our customers find their perfect home, regardless of where they are at on their property journey.”
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