The 5.5x LTI multiple is available to first-time buyers who meet specific criteria including a minimum sole applicant income of £35,000 and a minimum joint applicant income of £55,000 this is alongside the core affordability assessment.

For borrowers who are moving home or remortgaging, and have an income of more than £45k, there are also increases to the loan to income multiple ranging from 5.0x to 5.5x depending on LTV and income.

Commenting on the changes HSBC UK’s head of mortgages Oli O’Donoghue said: “There are significant challenges facing first-time buyers today, from finding a deposit that is likely to be tens of thousands of pounds, to rising property prices.

“By increasing our LTI multiple we aim to provide extra support to those who are ready to take this important step. Affordability remains central to every lending decision, but extending our lending limits will provide extra firepower to those looking to get onto the property ladder.

O’Donoghue added: “A higher LTI multiple allows us to consider a broader range of applicants, but every mortgage application will still be individually assessed to ensure the borrower can comfortably manage their repayments, even in a changing economic environment.”