Santander limits first-time buyer borrowing
Santander has lowered its mortgage income multiple calculation by limiting first-time buyers to borrow a maximum of 4.49 times salary.
The bank’s latest income cap applies to first-time buyers while other borrowers will still able to secure up to five times their salary.
Over the last few weeks some of the lenders have started to tighten their affordability calculations reducing the loan sizes they offer.
Aaron Strutt, product manager at Trinity Financial, says: “The mortgage market is going through another period of change and lenders are starting to reduce maximum loan sizes. It is still possible to borrow five-times both single and joint salaries but the options are staring to reduce.”
If you would like help to secure a mortgage, call Trinity on 020 7016 0790.
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