Suffolk Building Society has announced it will lend up to 5.49 times applicants’ income for those with a rental track record.

Applicants will need to show 12 months of paying a rental figure that is within 10% of their prospective new monthly mortgage payments. So, if a couple pays £1,500 rent per month, they could be considered for a monthly mortgage payment up to £1,650.

The same enhanced multiplier of 5.49 also applies on applications where at least one applicant earns over £75,000. Previously this threshold was set at £100,000.

The change comes as part of wider adjustments to the society’s criteria.

The society will now allow capital raising to purchase a property without simultaneous completion, up to a maximum of 80% LTV.

The lender will allow capital raising to purchase an onward property in a limited company.

And it will allow applicants to purchase a property, where the deposit has come from the applicant’s limited company (SPV).

Commenting on the changes Suffolk Building Society’s head of intermediaries, Charlotte Grimshaw said: ““Many renters have the means to meet sizeable monthly mortgage repayments – often paying more than they would on a mortgage, whilst renting. However, a multitude of factors, such as rising house prices and higher rents has meant customers can often afford to rent or save for a deposit, but rarely both.

She added: “The current situation has put homeownership out of reach for many. The enhanced income multiples, when combined with other affordability-boosting tools, such as five-year fixed rates, or longer terms to reduce monthly payments, should help some of our renters achieve their dream of buying a home.”