Single applicants will now be able to borrow up to four times their annual income, an increase from the current maximum of 3.25. And joint applicants can borrow up to 3.25 times their joint annual income, an increase from the current maximum of 2.75.
UCB will continue to consider factors such as monthly outgoings when assessing borrowers’ ability to repay the mortgage.
Weve bought our income multiples in line with the rest of the market and are confident they offer a realistic solution for the needs of todays borrowers, said UCB Home Loans managing director Keith Astill.
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