MPowered Mortgages has lifted its maximum loan-to-income ratio to 5.5 times income in certain cases.  

The fintech lender says single employed applicants earning £75,000 a year or more – or joint employed applicants with a combined income starting at £100,000 – will able to access up to 5.5 times their annual income. Those earning £60,000 can borrow up to five times their annual income.  

Earlier this week, the lender announced it had lowered mortgage rates across a selection of its two- and five-year fixed-rate loans by up to 14 basis points.   

It has also launched new two- and five-year fixed-rate products with a £1,999 arrangement fee, aimed at larger loan sizes.  

The firm’s two-year rates now start at 4.68% with a £1,999 arrangement fee, while five-year rates start from 4.34%.  

MPowered Mortgages managing director Emma Hollingworth says: “We are excited to offer an increased maximum loan-to-income ratio as we continue to do our utmost to support those looking to buy a home at this time in every way we can.   

“Being able to offer up to five-and-a-half times income will help many looking to buy or remortgage their home at what remains a challenging economic environment. 

“With the announcement also of our new rates on our two- and five-year products, it is vitally important that buyers seek independent advice in order to ensure they are able to access a product that best suits their individual circumstances.”