Principality Building Society has launched a new mortgage deal allowing borrowers to borrow up to 5.5 times their income.

The deal, available exclusively through mortgage brokers, is a limited-time offer and applies to standard five-year fixed-rate residential mortgages.

To be eligible, you must:

• Be a first-time buyer
• Have a minimum income of £30,000 (or a combined income of £50,000)
• The income must be from employment (second income and overtime are accepted)

This move comes as Principality acknowledges the diverse circumstances of first-time buyers and aims to provide more options to help them achieve their homeownership dreams.

Helen Lewis, National Intermediary Manager at Principality Building Society, commented: “Our research shows us that first-time buyers are a diverse group with varying levels of financial confidence and family support. This enhanced loan-to-income offering is one of many solutions we’ll be showcasing over the next three months to give first-time buyers a boost.”