Related topic: Affordability

Over 6x income is now available on selected products.

The Society has also announced stress rate reductions on all two-year fixed residential products.

The changes will benefit borrowers buying their first house, moving up the property ladder, or remortgaging.

Reduced minimum ICR increases borrowing power for landlords and changes to affordability stress tests will allow for greater residential borrowing.

40-year mortgages offer a flexible lifeline to first-time buyers, the figures show.

High property prices and elevated interest rates have made monthly repayments more difficult to manage, prompting many borrowers to extend their mortgage terms.

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%.