Gen H has changed changes to its loan-to-income (LTI) limits to enable more buyers to borrow more.
Gen H Commercial Director Pete Dockar
Independent applicants can now borrow their income and loans of more than 85% loan-to-value (LTV) up to 5.5 times, no longer limited to 4.49 times income from the applicant.
In addition, the threshold for the gross income will be reduced 4.49x LTI cap from £ 50,000 to £ 40,000.
The lender says that the changes offer financing to a maximum of 12% more customers, with maximum loan amounts that increase by no less than 22%.
Gen H Chief Commercial Officer Pete Dockar says: “I am delighted to announce these positive changes in our policy for loan income multiples today.”
“Increasing our LTI limits for independent applicants, people with small deposits and those average household incomes will enable us to support exactly the people we want to reach: those who, without gene h, may not have found a path to homeowner.”
Yesterday Gen H announced that it had entered into a partnership with Sesame.
Sesame’s advisors now have access to the mortgage products and services of Gen H.