Digital Mortgages offering up to six times salary multiples for higher earners
Digital Mortgages has increased the mortgage income multiples it offers to employed applicants earning £75,000 or more.
When borrowers apply for a mortgage with Digital Mortgages by Atom Bank and have a 10% deposit or less, they will now lend up to 6x income, provided they earn £75,000 or above.
Borrowers with less than a 10% deposit can now borrow up to 5.5x their income if they earn £75,000 or more. The bank's standard income multiples still apply for applicants earning less than £75,000.
Aaron Strutt, product director at Trinity Financial, says: "More banks and building societies are offering income stretch mortgages, mainly to higher earners. The good thing about this change in criteria, apart from people being able to access larger mortgages, is that there are no separate rates, so applicants can take a two-year fix rather than a five-year deal.
"Digital Mortgages have also increased the max loan-to-value for flats and newly built homes in London and the South East. Applicants buying in selected postcode will no need a 10% deposit to purchase a new build flat and a 5% deposit to buy a new build house."
Please see the table below for the loan-to-income ratios for employed customers, including the new increases in bold.
| Income bracket | Deposit required | Maximum loan-to-income (LTI) ratio |
|---|---|---|
| Up to £60,000 | 5% | 4.49 |
| £60,001 - £74,999 | 10% | 5.5 |
| £60,001 - £74,999 | 5% | 4.49 |
| £75,000 or above | 10% | 6.0 |
| £75,000 or above | 5% | 5.5 |
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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