How to borrow up to 5 times your income at 85% LTV
Looking to maximise your borrowing? Find out how one high street lender has relaxed its criteria to help…
One of the high street lenders has just confirmed that they will now provide larger loans to applicants who have an annual income of at least £30k per annum. Great news for those looking to maximise their borrowing!
This particular lender will multiply your annual income by five to work out how much you can borrow. The majority of lenders use an income multiplier of 4 – 4.5.
How much can you borrow?
| Annual income | Loan to value | Income multiplier |
| £30k + | 80% | 5 x annual income |
| £45k + | 85% | 5 x annual income |
What price do the rates start from?
| Loan to value | 2 year fixed rates (starting from) | 5 year fixed rates (starting from) |
| 80% | 1.65% (3.9% APRC)* | 2.13% (3.5% APRC)*** |
| 85% | 1.74% (3.9% APRC)** | 2.32% (3.6% APRC)**** |
Who are these rates available to?
First-time buyers. Home-movers. Remortgagers. Capital raisers. Employed and self-employed. Full-time landlords.
To find out if you qualify for a mortgage of up to five times your income and to get a quote do get in touch.
Pete Coombes has left Mortgages for Business for pastures new. For more information or for any questions relating to this blog, please contact the Residential Team on 0345 345 6788, where one of our consultant mortgage brokers will be happy to assist.
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Small print
*Rate: 1.65% 2 year fixed to 80% LTV reverting to Bank Rate + 3.49% (currently 4.24%, variable). For purchases and remortgages. Overall Cost for Comparison: 3.9% APRC. Loan to Value: 80% loan to value up to £1,000,000. Lender Arrangement Fee: £999. Early Repayment Charges: 2% of balance repaid. Broker Fee: We do not charge for initial advice. Our standard broker fee is £597 if we are able to get you an acceptable, formal mortgage offer from a lender. We will keep any commission payments made by the lender. Alternatively, we will rebate to you any commission paid by the lender to us and charge you a broker fee of typically 1% of the total loan amount (exact percentage will depend upon the size and complexity of the mortgage application). Repayment Options: Capital and interest repayment.
**Rate: 1.74% 2 year fixed to 85% LTV reverting to Bank Rate + 3.49% (currently 4.24%, variable). For purchases and remortgages. Overall Cost for Comparison: 3.9% APRC. Loan to Value: 85% loan to value up to £400,000. Lender Arrangement Fee: £999. Early Repayment Charges: 2% of balance repaid. Broker Fee: We do not charge for initial advice. Our standard broker fee is £597 if we are able to get you an acceptable, formal mortgage offer from a lender. We will keep any commission payments made by the lender. Alternatively, we will rebate to you any commission paid by the lender to us and charge you a broker fee of typically 1% of the total loan amount (exact percentage will depend upon the size and complexity of the mortgage application). Repayment Options: Capital and interest repayment.
***Rate: 2.13% 5 year fixed to 80% LTV reverting to Bank Rate + 3.49% (currently 4.24%, variable). For purchases and remortgages. Overall Cost for Comparison: 3.5% APRC. Loan to Value: 80% loan to value up to £1,000,000. Lender Arrangement Fee: £999. Early Repayment Charges: 3% of balance repaid. Broker Fee: We do not charge for initial advice. Our standard broker fee is £597 if we are able to get you an acceptable, formal mortgage offer from a lender. We will keep any commission payments made by the lender. Alternatively, we will rebate to you any commission paid by the lender to us and charge you a broker fee of typically 1% of the total loan amount (exact percentage will depend upon the size and complexity of the mortgage application). Repayment Options: Capital and interest repayment.
****Rate: 2.32% 5 year fixed to 85% LTV reverting to Bank Rate + 3.49% (currently 4.24%, variable). For purchases and remortgages. Overall Cost for Comparison: 3.6% APRC. Loan to Value: 85% loan to value up to £1,000,000. Lender Arrangement Fee: £999. Early Repayment Charges: 3% of balance repaid. Broker Fee: We do not charge for initial advice. Our standard broker fee is £597 if we are able to get you an acceptable, formal mortgage offer from a lender. We will keep any commission payments made by the lender. Alternatively, we will rebate to you any commission paid by the lender to us and charge you a broker fee of typically 1% of the total loan amount (exact percentage will depend upon the size and complexity of the mortgage application). Repayment Options: Capital and interest repayment.
18th December 2018
