Residential policy
Purchase or remortgage with additional borrowing
- Income under £50,000 – 4.49x
- Income £50,000 to £74,999 – 5x
- Income of £75,000 or more – 5.5x
Max 4.49x LTI at all income levels if any of the following apply:
- Over 85% LTV
- Any applicant is self-employed (not including contractors meeting our contractor policy)
- Shared ownership
Remortgage with no additional borrowing
- Up to 85% LTV – 5.5x
- Over 85% LTV – 4.49x
For a remortgage with no additional borrowing, income level and self-employment don’t impact LTI limits.
Allowable Income
When applying LTI multiples we include all of the following income:
- All forms of income listed in our income policy at 100%, apart from rental income
- Variable income at 60%
Rental income is not included for LTI purposes.
This is also how we determine whether a case meets the £50k/£75k income levels referenced above.