Yorkshire and Accord amend 5.5 times salary mortgage criteria
Yorkshire Building Society and Accord Mortgages have updated their mortgage affordability calculators.
Both lenders still offer 5.5 times salary mortgages but they have been limited to borrowers earning in excess of £75,000 each year.
Typically, clients without dependents and limited personal debt can secure the largest loans.
Aaron Strutt, product director at Trinity Financial, says: “If you use Yorkshire's and Accord Mortgages affordability calculator to work out how much you can borrow, it shows a single person earning £50,000 without debts or dependents being able to borrow £224,500. This increases to £384,300 if you earn £70,000 and £411,750 is you earn £75,000.
“Some lenders are still happy to offer five times single and joint salary mortgages, but the market is more limited if you require over five times.”
Barclays has been offering extended income multiples for wealthier clients for some time and the policy has been very popular.
Accord Mortgages is the broker lending arm of the Yorkshire Building Society and it is offering some competitively priced fixed and tracker rates. It is typically providing mortgage offers in 13 working days.
For help to secure a more generous mortgage call Trinity on 020 7016 0790.
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