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5.5 times salary mortgages to first-time buyers with just 5% deposits now available

Easier for some to qualify for a mortgage and to afford a larger or more expensive property

Originally posted: 18th February, 2022

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 info@prestonbaker.co.uk