Principality’s research has shown that first-time buyers are selecting a range of different strategies as they look for ways to secure their first home.
In response to first-time buyers’ need for an income boost and broker feedback on ways to improve affordability, Principality Intermediaries has launched a new higher loan-to-income for first-time buyers.
Limited Edition: First-time buyer loan-to-income overview
- Exclusive to brokers
- Up to 5.5x LTI (subject to affordability checks)
- Available for standard five-year fixed rate residential products
- Employed income only
- Applicants must have an income of £30,000 individually or £50,000 combined.
- 100% 2nd income and overtime accepted
- Available for FTBs only
Helen Lewis, national intermediary manager, at Principality Building Society, said: “Our first-time buyer research shows us that this is a diverse group and can be at different stages in their life, have different levels of family support and differing degrees of financial confidence.
“This enhanced loan-to-income is one of a wide range of solutions we will be showcasing over the next three months that aim to provide a boost for first-time buyers.”
For more information on how Principality Intermediaries can help support first-time buyers get in touch with your local BDM or contact our broker support team on 0330 333 4021.
Alternatively, you can find more information on https://www.principality.co.uk/intermediaries/first-time-buyers
