Platform increases maximum LTI ratio to 4.85

Platform, the intermediary mortgage brand of The Co-operative Bank, has increased the loan to income ratio for qualifying mortgage applicants to 4.85 times income.

Related topics:  Mortgages
Rozi Jones
9th May 2017
hand keys house buy business mortgage
"We’re pleased to be able to offer this increased loan to income ratio to our brokers, helping them to find the best deal for their clients."

Brokers can now source mortgages for clients to borrow up to 4.85 times income, where LTV is less than or equal to 80% including any fees added to the loan, subject to minimum disposable income.

A loan to income multiple of 4.49 will apply to any applications that don’t meet the specified criteria.

Platform says the changes are in response to house prices rising disproportionately to average earnings, leaving many first time buyers struggling to afford their own home.

Paul Norcott, Head of Platform, said: “We’re pleased to be able to offer this increased loan to income ratio to our brokers, helping them to find the best deal for their clients. We have included eligibility criteria for this more favourable loan to income ratio to ensure that we’re still maintaining a responsible stance on lending options.” 

More like this
Latest from Property Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.