Principality Intermediaries has launched a higher loan-to-income (LTI) for first-time buyers, in a bid to boost affordability.
The limited edition first-time buyer LTI boost will be exclusive to brokers, and is available for standard 5-year fixed rate residential products.
The boost allows for up to 5.5-times LTI and is available for first-time buyers only.
It is applicable for employed income only, and applicants must have an income of £30,000 individually or £50,000 combined.
In addition, 100% second income and overtime is also accepted.
Helen Lewis, national intermediary manager, at Principality Building Society, said: “Our first-time buyer research shows us that this is a diverse group and can be at different stages in their life, have different levels of family support and differing degrees of financial confidence.
“This enhanced loan-to -income is one of a wide range of solutions we will be showcasing over the next three months that aim to provide a boost for first-time buyers.”
