Santander has changed its loan-to-income rules so those earning less than £45,000 can borrow up to 4.45x their income across all LTV levels
This comes after the Treasury loosened its loan-to-income rules last month.
Between £45,000 and less than £100,000 borrowers can access 5x their income on all LTV levels up to and including 90%, and 4.45x on 95% LTV
Above £100,000 borrowers can access 5.5x their income on all LTV levels to and including 90%, and 4.45x on 95% LTV.
David Morris, head of homes at Santander UK, said: “The recent changes to the loan to income rules mark the latest in a series of affordability improvements in what is quickly becoming the “year of the buyer”.
“We’re pleased to reflect these changes in our policies which, when coupled with our recent changes to affordability and a record number of properties coming to the market, will hopefully help more would-be buyers access the money they need to buy the home of their dreams.
“We’ll continually look at where we can enhance and improve our lending policy to help buyers right across the board.”
Customers looking to remortgage to Santander, across all LTV levels, can access 5.5x their income.