Mortgages

Loughborough BS to lend at 5.5x income

The Society says the changes will help those who have reduced borrowing power under existing income multiples.

Rozi Jones
|
14th May 2019
loughborough building society
"It’s great that we’re able to help even more borrowers afford their dream home"

Loughborough Building Society will now lend up to 5.5 times income under a new affordability model.

The Society says the change will support borrowers who have adequate income to comfortably afford the monthly payments on a mortgage, but have reduced borrowing power under existing income multiples.

The minimum income requirements are £50,000 for sole applicants and £75,000 for joint applications and there is no restriction on profession.

Suitable borrowers will be able to take advantage of a two-year discounted rate of 2.45% up to 85% LTV with a £999 completion fee.

Ashley Pearson, BDM, 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.”

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