Loughborough Building Society has launched a residential mortgage product allowing customers to borrow up to 5.5 times their income.
The minimum income of the applicant(s) is £50,000 for sole applicants and £75,000 for joint and there is no restriction on profession. There’s a 2.45% discounted rate for two years with £999 completion fee, up to a maximum 85% loan-to-value and a maximum loan of £750,000.
Ashley Pearson, business development manager at The Loughborough, said “It’s great that we’re able to help even more borrowers afford their dream home, it’s important to take a common-sense approach to lending which I believe we do every day”
The building society said it recognises that some borrowers are able to afford a loan however the income multiple reduces their borrowing power.