New lender offers six times income mortgages

A new mortgage lender is offering first-time buyers, home movers and those remortgaging the chance to borrow up to six times their annual salary. April Mortgages will also give borrowers the chance to fix for up to 15 years and borrow up to 95% of a property's value. This puts the lender’s offering alongside that from Perenna, which last year began lending up to 95% of a property's value, with fixed terms of between 20 and 40 years and loans at up to six times a borrower's annual income. Most lenders offer the majority of borrowers a maximum of 4.5 times their income. Data from UK Finance shows that the average first-time buyer is currently borrowing an average of 3.26 times their annual income.  

Daily Mail (29/07/2024)