Loughborough BS launches fixed-rate at 5.5x income

Loughborough Building Society has launched a new two-year fix for homebuyers looking to borrow up to 5.5 times their income.

The two-year product has a rate of 3.49%, with a £699 completion fee. Maximum LTV is 80%, with a maximum loan size of £750,000.

Loughborough BS had previously offered mortgages at 5.5 times income, but in recent years had withdrawn these from the market.

To qualify for this higher income multiplier, joint applicants need an income of at least £75,000, while sole applicants need a minimum income of £50,000. Applicants will also need to evidence that they can afford repayments, but there are no restriction on specific professions when applying for the loan.

Early repayment charges are applicable throughout the product term.

Loughborough BS BDM Ashley Pearson says “It’s great we’ve been able to re-introduce this solution for those who need a little more buying power in today’s market”.