Related topic: LTI

Borrowers earning above £100,000 can now borrow 5.5x income up to 90% LTV.

Other criteria updates include changes around capital raising and simultaneous completion.

Over 6x income is now available on selected products.

The Society has also announced stress rate reductions on all two-year fixed residential products.

Precise will offer income multiples up to 6x at 95% LTV, includes borrowers with recent adverse.

The change will support 12% more affordability-constrained buyers, with maximum loan amounts increasing by as much as 22%.

The changes mean borrowers could qualify for around £19,000 in additional borrowing.

The average loan size jumped by more than £11,500 to £205,882 between April and May.

Skipton is lowering the minimum income threshold from £50,000 to £40,000 for borrowers seeking an LTI above 4.49x.

The stress rate has been reduced by up to 2% and is expected to increase affordability on a typical joint application by around £30,000.