Residential affordability just got better

On Wednesday 19 February, we’re one of the first large lenders since the February base rate reduction to improve affordability for your clients so they could borrow more.

• Residential affordability rates reduced by 0.25%.
• Updated household expenditure figures.
• Retained property interest coverage ratio reduced to 125% from 145%.

Use our affordability calculator on our website to find out what your clients could borrow. 

Pipeline rules
All full mortgage applications (FMAs) submitted by 10pm on Tuesday 18 February won’t be affected by these changes. 

Any FMAs submitted from 6am on Wednesday 19 February will be assessed using our new lending policy.

If a material change is made to an existing application from 6am on Wednesday 19 February, the case will be reassessed using our new lending policy.

Help and support
We updated our affordability calculator and our residential lending criteria on our website on Wednesday 19 February.