Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

West Brom Building Society Updates LTI Criteria for Borrowers

West Brom Building Society has revised its loan-to-income (LTI) lending policy to support more first-time buyers and homemovers in accessing larger mortgages. The changes are intended to address affordability constraints faced by borrowers amid rising house prices.

Under the updated policy, borrowers earning more than £40,000 and up to £60,000 may now be eligible to borrow up to five times their income. Those earning above £60,000 could potentially access borrowing of up to 5.75 times their income, subject to affordability and lending criteria. Previously, customers needed to earn over £50,000 to borrow five times their income, and over £75,000 to borrow 5.75 times their income.

The move is designed to help bridge the gap between increasing property prices and the ability of financially capable customers to meet lending thresholds. The changes may increase borrowing potential by up to 15% for some applicants, according to the report.

Earlier in the month, Accord and NatWest also made improvements to their LTI criteria.

For letting agents and inventory clerks, these changes may influence the number of first-time buyers and homemovers entering the market, potentially affecting rental demand and property turnover.