A growing number of first-time buyers are reportedly taking on higher levels of mortgage debt, with more lenders allowing borrowing above 4.5 times income.
First-time buyers are increasingly taking on higher levels of mortgage debt to enter the housing market. This trend is supported by a growing number of lenders who are allowing buyers to borrow more than 4.5 times their income.
Lenders are reportedly making these higher borrowing limits available provided that buyers can demonstrate their ability to afford the monthly repayments.
What this means for you: If you are a first-time buyer, you may find more lenders willing to offer mortgages exceeding 4.5 times your income, subject to affordability checks.
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