Scottish Widows Bank has increased its Loan to Income (LTI) multiples for mortgage applications with earnings above £75k on borrowing below 75% LTV.
For borrowing under £500k, the specialist lender will now consider applications at 5x income, (increased from 4.75x). For borrowing of more than £500k, multipliers have also been increased from 4x income to 4.49x income.
Where income is below £25k, multipliers will decrease from 4.75x income to 4.49x income (max 90% LTV).
The new income multiples will apply to applications received from Friday 2 February 2018.