Easier for some to qualify for a mortgage and to afford a larger or more expensive property
5.5 times salary mortgages to first-time buyers with just 5% deposits now available
Mortgages with 5.5 times salary to those with just a 5% deposit are now being offered
Mortgages with 5.5 times salary to those with just a 5% deposit are now being offered, and Preston Baker Financial Services has access to these mortgages which could help more people become homeowners.
Easier for some to qualify for a mortgage
The increase in borrowing and decrease in minimum deposit for some will mean that it will be easier for some to qualify for a mortgage and to afford a larger or more expensive property than otherwise possible, making it more likely they can afford their dream home.
Borrow 20% more
The newly-launched mortgage criteria means qualifying buyers with 5% deposits are able to borrow up to 20% more than they previously could. It makes it easier for buyers to meet the affordability criteria and to perhaps get out of rented accommodation or the family home and into a place of their own more quickly.
For example, a first-time buyer couple with a joint income of £50,000 could potentially borrow up to £275,000 now instead of £225,000 previously.
Normally, banks permit borrowing of up to 5 times the applicants' combined salary.
Contact Preston Baker Financial Services
If you would like to discuss a mortgage please contact Preston Baker Financial Services. Call 0800 505 3355, or email email@example.com
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