- 3 March 2021
- Posted by: mikey0809
- Categories: Mortgage, Property
The latest lender to bring in the new loan-to-income restrictions is Skipton Building Society.
From Wednesday Skipton Building Society’s maximum loan-to-income (LTI) for applications over 85% loan-to-value (LTV) will be 4.49 times the clients income, but all other loan-to-income (LTI) remain unchanged.
The following restrictions apply:
When the households income is lower than £40,000, max loan-to-income (LTI) is 4.45 times the clients income.
Help to Buy and Shared Ownership cases, max loan-to-income (LTI) is 4.5 times the clients income.
All other residential lending, max loan-to-income (LTI) is 4.75 times the clients income.
After Clydesdale revealed earlier today it was capping loan-to-incomes (LTI) for self-employed borrowers at 4.49 times the clients income, was the announcement made.
Virgin Money, which is part of the same group as Clydesdale, has also brought in loan-to-income (LTI) changes today, although the restrictions are different.
Yesterday, Platform relaunched its mainstream and buy-to-let product ranges.
It also announced that the loan-to-value (LTV) at which its maximum income multiple of 4.85 could be considered would reduce from 75 to 70%.
Last month Halifax capped loan-to-incomes (LTI) for self employed borrowers at 4.49 times the clients income, among other restrictions.