The increased multiplier will be available to graduate applicants who need to borrow more than the Bank’s standard multipliers. The Bank will assess each borrower’s individual financial circumstances, and where affordability can be demonstrated, enhanced income multiples may now be offered.
Customers who fit the criteria for the 5 times multiplier will be offered a new 5 year stepped fixed rate product.
Gordon Bowden, Business Development Director, Scottish Widows Bank said: “With the challenges facing today's first time buyers, it is key for lenders to offer realistic solutions to meet the changing needs of the market. Rising house prices and difficulties in saving for a deposit mean that more and more first time buyers are struggling to get that first foot on the property ladder.”
This enhanced product offering is designed not only to help graduates purchase their first property at current market prices, but also to make repayments affordable by offering stepped interest rates in-line with expected salary increases.”
