This message only relates to applicants with less than 20% deposits with Woolwich who will see there income multiples reduced.
Woolwich are the latest lender to succumb market pressures and have reduced their loan-to-income ratio to a maximum of 4.5 times for mortgages with 20% or less deposit/equity.
Agreed Decisions-in-Principles need to go application within 25 days (of the decision date). Cases already submitted (i.e. full applications) are fine unless there is a material change such as a new property.
In general terms, this means the maximum any lender will now offer in the whole UK mortgage market is 5 times income for loans 80% or above. We should be able to obtain higher income multiples for cases where the deposit is greater than 20%, but please do call us discuss your own individual circumstances fully.
For more information on all of our produces please call us on 02079932044 or alternatively complete the enquiry form on this page.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Finance Brokers In London. His role is very much focused on Property financing both on residential and commercial lines.
You can call Payam on 020 7993 2044 or alternatively complete the enquiry form so he can personally get in touch with you.
Niche Advice is not tied to any bank, building society, estate agent or insurer and offers Independent Mortgage and Insurance advice.