Yahoo Finance - How much can I borrow on a mortgage based on my salary?
If affording your dream home feels like a bit of a stretch, it may be welcome news that a trickle of lenders are now agreeing to grant borrowers a mortgage of 5.5 times their income.
Halifax recently changed some of the loan-to-income (LTI) limits applied to its affordability. For loans up to £1m, at up to 75% LTV (meaning a minimum deposit of 25%), the maximum LTI is being increased from five times income to 5.5.
Aaron Strutt from Trinity Financial said: “More lenders are providing more than five times salary mortgages to help borrowers get sufficient mortgages to buy the properties they want.”
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