Loughborough BS relaunches 5.5x income solution
Loughborough Building Society has re-introduced its 5.5x income solution.
"It’s great we’ve been able to re-introduce this solution for those who need a little more buying power in today’s market."
A new two-year fixed rate is now available at 3.49% with a £699 completion fee. The maximum loan to value is 80% and the maximum loan £750,000.
The minimum income of the applicant(s) needs to be £50,000 for sole applicants and £75,000 for joint.
Loughborough says applicants are "likely to have careers that will enjoy incremental rises in future income" although there is no restriction on profession.
Ashley Pearson, BDM at the Society, said: “It’s great we’ve been able to re-introduce this solution for those who need a little more buying power in today’s market.”
Last week, Atom Bank increased its maximum loan to income ratio to 5.5
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