NatWest lower mortgage income multiples between 75.01% and 85% loan-to-value
NatWest has lowered its mortgage income multiples ensuring many of its customers will require a larger deposit.
The loan-to-income maximum on mortgages between 75.01% and 85% loan-to-value (LTV) is being reduced from to 4.45 from 4.75 times income.
No changes are being made to the loan-to-income maximum for mortgages below 75% LTV or above 85% LTV.
NatWest already cap mortgages over £500,000 to four times both single and joint salaries.
Aaron Strutt, product manager at Trinity Financial, says: “The lenders have not been changing their income multiples as much as they were, but every reduction means borrowers have to stump up more cash to put towards their mortgage.
“If you walked along the high street and asked each of the mortgage lenders how much you could borrow, you would properly get a different loan amount from every bank and building society. Affordability rules really do change that much so it pays to shop around if you require a larger loan size.”
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