Post by @well.financial

First-time buyers is your borrowing power holding you back? 👀🏡 This mortgage criteria update could be worth knowing about if you're struggling to save a large deposit or feel you can't borrow enough to buy the home you want. One UK lender has updated its criteria, with eligible first-time buyers and home movers potentially able to borrow: This is Avilable to -Residential /movers -first time buyers -Shared ownership -Help to Buy -LIFT(Scotland) Up to 6x income with a 10% deposit Up to 5.5x income with a 5% deposit There are minimum income requirements: 👤 Single applicant: £40,000 👫 Joint applicants:£60,000 combined The criteria can also apply across routes including residential mortgages, Shared Ownership, First Homes, Help to Buy and LIFT in Scotland, subject to eligibility. But here's the important bit: 5.5x or 6x income doesn't mean you'll automatically be offered that amount. Your actual mortgage borrowing will depend on your individual circumstances, including your income, expenditure, credit commitments, credit history, deposit, property and the lender's affordability assessment. This is why it's worth speaking to a mortgage adviser before assuming you can't afford to buy. Mortgage criteria can vary significantly between lenders, so one lender's maximum borrowing may be very different from another's. If you're a first-time buyer with a 5% or 10% deposit or you're already a homeowner looking to move, it could be worth checking what you may be eligible for. 📩 **DM “FIRST HOME” and we'll point you in the right direction.** Save this post if you're saving for your first home and send it to someone who needs to see it. 👇 *LIFT refers to the Low-cost Initiative for First Time Buyers in Scotland. Eligibility and availability depend on the relevant scheme and lender criteria. **Important:** The figures shown are for illustrative purposes only and are not a mortgage offer or guarantee of borrowing. Actual borrowing depends on individual circumstances, affordability, credit history, income, expenditure, deposit, property and the lender's criteria at the time of application. Not all applicants or properties will qualify. Mortgage advice is subject to status, affordability and lender criteria. Rates, products and criteria can change or be withdrawn without notice. A higher income multiple does not necessarily mean borrowing more is appropriate or affordable. This information is for general guidance only and does not constitute personalised financial advice. Seek individual mortgage advice based on your circumstances. Your home or property may be repossessed if you do not keep up repayments on your mortgage. #FirstTimeBuyer #FirstTimeBuyerUK #FirstTimeBuyerMortgage #BuyingYourFirstHome #FirstHomeUK