Customers can now borrow up to £55,000 more under the Society’s new stress testing.

Residential and buy-to-let rates have reduced by up to 0.54%, alongside improved affordability.

Medium-term potential for growth has been upgraded due to a more relaxed approach to mortgage affordability tests.

The change will support 12% more affordability-constrained buyers, with maximum loan amounts increasing by as much as 22%.

The changes mean borrowers could qualify for around £19,000 in additional borrowing.

The average loan size jumped by more than £11,500 to £205,882 between April and May.

Skipton is lowering the minimum income threshold from £50,000 to £40,000 for borrowers seeking an LTI above 4.49x.

The changes will increase maximum borrowing by 8-15% for many mortgage applicants.

Vida Homeloans has today announced it is refining its residential affordability assessments to help borrowers achieve homeownership.

The bank has reduced specialist buy-to-let and commercial mortgage rates by up to 0.25%.