The change to rules will make it easier for aspiring home owners to get on the property ladderHOUSE THAT The mortgage lender that lets first-time buyers borrow 5.5 times their income – and you don’t need a huge depositA MAJOR mortgage lender is allowing first-time buyers to borrow up to 5.5 times their income to help them get on the housing ladder. 1 First-time buyers could borrow 5.5 times their income under the change Credit: GettyUnder the new rules, Santander customers earning less than £45,000 will be able to borrow 4.45 times their income. Santander customers earning £100,000 or more can borrow 5.5 times their income on mortgages up to 90% LTV. It comes after mortgage rates fell for millions last week after the Bank of England cut interest rates for the fifth time since 2020. How to get the best deal on a mortgage There are different factors that go into getting the best mortgage rate.
