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Barclays ups LTV for part-and-part borrowers

  • 18/06/2015
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Barclays ups LTV for part-and-part borrowers
Barclays has changed its part-and-part lending criteria to allow borrowers whose repayment vehicle is the sale of the property to take a 75% loan-to-value (LTV) mortgage.

Previously borrowers using this method of repayment were restricted to 50% LTV.

The part-and-part split cannot exceed 50% on interest only and borrowers must meet Barclays’ minimum income requirements.

Sole applicants must earn at least £75,000 and for joint applications borrowers must either earn £100,000 between them or one applicant must earn £75,000.

A spokesman for Barclays said: “Following a regular review of our lending criteria we have decided to broaden our policies to help more customers whether they are buying a home or remortgaging from another lender.”

Leeds Building Society launched its part-and-part range in May aimed at helping people who took out mortgages during the peak of their popularity who are now left with endowment shortfalls.

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