Halifax Intermediaries is increasing the number of first-time buyers that can borrow up to 5.5x income.

The lender said that from 5 December it is changing its first-time buyer boost to reduce the minimum household income required from £50,000 to £40,000.

First time buyer boost is Halifax Intermediaries’ scheme to make borrowing easier for those getting onto the property ladder.

Many lenders have increased their maximum income multiples recently, including NatWest, the Nottingham, Aldermore and Barclays.

The lender is also removing the specific loan-to-income (LTI) limits for self-employed incomes, meaning many self-employed customers will be able to borrow more.

For applications with any self-employed income the same LTI limits will apply as for employed incomes

Self-employed first time buyers will now also be able to access first time buyer boost.

Halifax Intermediaries said it is making £1 billion in extra lending available to help more first-time buyers onto the property ladder.