Principality Intermediaries has relaxed its eligibility for its 5.5x loan to income (LTI) feature for first time buyers.

The updates include a reduction in the minimum loan size from £180,000 to £150,000.

In addition, it has decreased the minimum income threshold from £40,000 to £30,000.

This follows on from a series of new criteria features being launched alongside a new updated online affordability calculator, providing home buyers can potentially borrow over 30% more borrowing.

Principality national intermediary manager Helen Lewis says: “Following broker feedback, we have introduced a further change for first-time buyer clients. The reduction in loan size and income requirements will make this accessible to more first-time buyers looking to purchase their first property.”

“This feature, combined with our recent affordability changes, provides brokers more flexibility when placing business with Principality.”