Newcastle Intermediaries has updated its lending criteria to boost affordability for customers looking to borrow up to 85% loan-to-value (LTV).
As part of its commitment to supporting homeownership, the lender has increased its loan to income (LTI) multiples from 4.49x to a maximum of 5x salaries on mortgages of up to 85% LTV.
The changes apply to employed and self-employed borrowers where gross income is greater than £50,000. Where gross income falls below £50,000 or where LTV is higher than 85%, the maximum LTI remains at 4.49x.
Head of intermediary mortgages at Newcastle Building Society, Franco Di Pietro (pictured), said: “As a building society, we’re committed to supporting homeownership by regularly reviewing our criteria to meet the changing needs of customers.
“Recent house price inflation has meant borrowers are now requiring lenders to support them further by enhancing their affordability criteria whilst still lending responsibly.
“I’m confident these improvements to our loan to income multiples and our continued flexible approach to underwriting will provide borrowers with more options.”
All details of policy changes and the full range of available products can be found at www.newcastleis.co.uk
