Abbey to lend five times salary
Abbey, the second largest mortgage lender in the UK, has taken steps to win a larger share of the competitive market by offering to lend borrowers even more cash.
The mortgage lender is now offering to lend borrowers five times their salary in order to help them get onto the property ladder.
Abbey said the offer will not be open to everybody adding that only individuals or couples with a 25% deposit and an annual income of £50,000 or more will be eligible.
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In addition Abbey said that only borrowers with good credit ratings and low debt levels would qualify for the mortgage.
Abbey spokesman Dave Stewart said, "We found that people could afford to pay out for bigger mortgages but there just wasn't anything on the market at the moment offering them what they needed."
Abbey is not the first to offer a mortgage on five times salary as Lloyds TSB also offers the same level to professionals and graduates however it is the first time a lender has offered the deal to a couple.
