Santander and Nationwide cap mortgage income multiples
Two of the largest lenders have capped and reduced their income multiples as they look to offer less generous mortgages.
Earlier this week Santander announced it would cap lending at five times salary and Nationwide Building Society said it would limit income multiples to 4.75 times salary. Although, this is for both single and joint incomes.
Aaron Strutt, product manager at Trinity Financial, says: “Santander was one of the most generous lenders in the market as they would lend up to six times salary - although borrowers needed a great credit score to qualify. Nationwide was also very generous although they are not tightening up quite so much.
“Santander previously offered different loan amounts depending on the applicants credit score, although their system is changing. Most of the banks are willing to lend five-times salary as a maximum but Trinity has access to one lender potentially offering around 5.5 times income.”
If you are looking for help to secure a mortgage and require a generous income multiple, call Trinity Financial on 020 7016 0790.
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