Halifax Launches First Time Buyer Boost

Halifax has today launched its First Time Buyer Boost, designed for applicants who need to borrow more based on their household income.

£2 billion pounds will be made available for the initiative, with a new loan to income limit of 5.5x. This will allow for up to 22% additional lending compared to without the boost. To qualify, household income will need to be in excess of £50,000, whilst purchasing at equal to or below 90% loan to value. The initiative will not be available for shared equity or shared ownership purchases.

This is available to either sole or joint applications, with the bonus of only needing one applicant on a joint case to be a first time buyer in order to qualify.