You are here: Home - Remortgage - News -

Aldermore introduces loan-to-income cap

0
Written by: Your Mortgage
01/08/2014
Aldermore has joined the growing number of lenders to introduce a loan-to-income cap on its mortgage range.

The bank follows lenders like Santander, NatWest and Lloyds who have restricted criteria in the last few weeks.

Aldermore has introduce a 4.5 times income cap on all mortgages above 85% loan-to-value, including its Help to Buy mortgage guarantee offering.

Up to 85% all applicants must have five times income or less. Both changes apply to the residential range.

An Aldermore spokesperson said: “We are changing the loan to income limits in line with the latest announcement from the Bank of England’s Financial Policy Committee.

“Loan-to-income caps have been introduced for residential owner-occupied mortgages in response to new regulatory requirements as enforced by the FCA and Bank of England and in accordance with changes to the Help to Buy mortgage guarantee scheme rules.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your Mortgage Guides

Your Mortgage Award Winners 2020-2021

Download our guide to the best mortgage lenders in the UK

Read More >