Updated affordability and income multiple criteria

Intermediary news

We're pleased to announce we have updated our affordability and income multiple criteria across both standard residential and Shared Ownership mortgage lending.

The changes reflect shifting market conditions, including rising wage growth and a lower interest rate environment, which together have strengthened mortgage affordability for buyers across the UK.

What’s changing?

To ensure its lending remains both competitive and responsible, the Society has introduced new income‑based borrowing limits:

Standard Residential mortgages

  • Borrowers with a total income of £30,000 or more (after commitments) can now borrow up to 5× their annual income.

  • Borrowers earning below £30,000 can borrow up to 4.75× their income.

Shared Ownership mortgages

  • Borrowers with a total income of £30,000 or more (after commitments) can now borrow up to 4.75× their income.

  • Those with incomes below £30,000 can borrow up to 4.5× their income.

As a mutual, our responsibility is two‑fold: to help people access homes and to lend in a way that protects our members.
These updates strike the right balance. They acknowledge the improved affordability landscape we’re operating in—where wages are rising, interest rates have eased, and borrowers are better positioned to manage their mortgage commitments—while ensuring we maintain a disciplined, responsible approach to lending.
By updating our income multiples, we’re keeping our products relevant without compromising the careful underwriting standards and member‑focused values we’re known for.
Melanie Mildenhall Director of Customer Service

Effective immediately

The updated criteria is in effect from 10 March 2026, reinforcing our commitment to responsible, sustainable lending while ensuring customers continue to benefit from products tailored to current market conditions.