Principality enhances first-time buyer affordability

Principality Intermediaries has announced a key affordability update across its first-time buyer mortgages.

Principality has relaxed the eligibility for its 5.5x loan to income (LTI) range for first-time buyers.

The updates include a reduction in the minimum loan size from £180,000 to £150,000, as well as a decrease in the minimum income threshold from £40,000 to £30,000.

Principality recently launch a range of new criteria features alongside an updated online affordability calculator, enabling home buyers to potentially borrow over 30% more.

National intermediary manager, Helen Lewis, said: “Following broker feedback, we have introduced a further change for first-time buyer clients. The reduction in loan size and income requirements will make this accessible to more first-time buyers looking to purchase their first property.

"This feature, combined with our recent affordability changes, provides brokers more flexibility when placing business with Principality.”