OSB Group’s Precise has increased loan limits to up to six times loan-to-income (LTI) for eligible residential customers.
There are no restrictions on the borrower’s profession, but the customer will have to meet the internal credit score and affordability assessment.
The lender’s residential range includes income multiples up to 6x income at 95% loan-to-value (LTV) for all types of borrowers including employed, self-employed, adverse, joint, first-time buyers and movers with rates starting from 4.77%.
OSB Group intermediary sales director Adrian Moloney says: “Precise has consistently supported the specialist residential market and this latest increase to LTI multiples follows a number of positive changes that have been made this year.”
“These changes include increased affordability calculations (average of 9%), reduced stress rates to 1.25% as well as LTV now up to 95% which means we’re able to support even more customers with affordability challenges.”
This criteria change follows Rachel Reeves’ Mansion House speech on 15 July, where she announced the cutting of financial red tape in a bid to boost homeownership in the UK with a pledge to support 36,000 first time buyers over the next 12 months.
