Lloyds to lend first-time buyers 5.5 times their salary29 Aug 2024 19:34
First-time buyers will be able to borrow up to 5.5 times their salary from Britain’s biggest lender in a push to help more on to the housing ladder.
Lloyd’s has made £2bn available for a “boost” for buyers looking to borrow more than 4.5 times their income, increasing the amount that can be borrowed by up to 22pc.
For a buyer with an income of £50,000 and a deposit of 10pc, the maximum that can now be borrowed is £275,000. However, as that 10pc deposit will be the minimum required, average house buyers will need to have saved at least £28,700 to qualify.