Loughborough Building Society Launch Fixed Rate for 5.5 x Income
Loughborough Building Society has re-introduced their 5.5x income solution. It recognises that some borrowers, whilst able to afford the loan can find that income multipliers reduce their borrowing power.
We’ve now launched a new 5 year fixed rate at 3.49% with a £699 completion fee. The maximum loan to value is 80% and the maximum loan £750k.
Such borrowers will need to demonstrate their ability to afford the new mortgage in order to be able to borrow up to 5.5x their income.
The minimum income of the applicant(s) needs to be £50,000 for sole applicants and £75,000 for joint and they’re likely to have careers that will enjoy incremental rises in future income although there is no restriction on profession.
Ashley Pearson, BDM said “It’s great we’ve been able to re-introduce this solution for those who need a little more buying power in today’s market”.
Early Repayment Charges are applicable throughout the product term.