Making further moves to simplify and enhance the specific criteria across its non-conforming mortgage range, Salt is now helping to iron out the difficulties which arise when it comes to lending on more than one income.
As a result, Salt will now take into account all income up to a maximum of four borrowers. The highest of the first two incomes can be used as 3.5x the highest and 1x the second or as 3x joint, whichever is greater. The third and fourth income can then be treated as 1x each income.
The new starting rates for all the following two- and three-year fixed mortgages include the following::
- Prime self-cert from 6.19%
- Near prime from 6.34%
- Near prime s/c from 6.59%
- Light adverse from 6.54%
- Light adverse s/c from 6.79%
- Medium adverse from 6.69%
- Med adverse s/c from 6.94%
- Heavy adverse from 6.99%
- Hvy adverse s/c from 7.24%
“At Salt we recognise the difficulty that more people are having with affordability and have moved to make it easier for applications from friends who are clubbing together to buy.”
Tony Capon, head of sales at Salt added: “We have tried to hold rates in certain areas, while some competitors have raised theirs across the board. Overall the new pricing demonstrates yet again that as a lender we are delivering on our promises to intermediaries to provide their customers not only with leading rates but flexible criteria as well.”
