Related topic: Affordability

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%.

The lender has improved the potential amount borrowers can lend across its full product range, including shared ownership and interest-only.

The change will allow landlords to potentially borrow more.

However, the more relaxed borrowing drives up house prices, the less impact there will be on transactions.

The changes are designed to offer improved affordability with better leverage for landlords.