TML and Bluestone increase loan-to-income ratio to 5.5x
The change enhances affordability for borrowers with complex or non-standard income profiles.
Shawbrook has raised its maximum loan-to-income (LTI) ratio from 4.5x to 5.5x, extending the higher limit across The Mortgage Lender (TML) and Bluestone Mortgages brands.
The change opens up greater affordability options for both single and joint applicants, particularly the self employed, those with non-standard incomes or impaired credit.
Steve Griffiths, commercial director of retail mortgages at Shawbrook, commented: “We understand that many customers, including first-time buyers or those with more complex income or credit profiles, can comfortably afford to borrow more than 4.5 times their income, yet have often been excluded from this market by restrictive criteria.
"By increasing our loan-to-income ratio to 5.5x, we’re supporting these borrowers while maintaining our strong commitment to responsible and sustainable lending.
"This change is especially important in today’s environment, where house prices in many parts of the UK continue to rise faster than incomes. It reflects our confidence in the robust affordability of our customers, and our deep understanding of the specialist market where agile decision-making and expertise make all the difference.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
CHL Mortgages
CHL enhances bridging range with AVMs and enhanced adverse credit criteria
Housing Market
July housing transactions dip 2% amid 'cautious market': HMRC