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Barclays eases residency criteria

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  • 30/08/2018
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Barclays eases residency criteria
Barclays is cutting the proof of residency requirements for certain foreign national customers resident in the UK.

 

From today the lender is removing the need for qualifying residential customers to provide Permanent Rights to Reside (PRR) if they have lived in the UK for less than 2 years and they are borrowing at an LTV of 75% or less.

These applicants must have a minimum income of £75,000 for single applicant or £100,000 combined for joint applicants.

Barclays highlighted that all applicants without the right to reside or who have been resident in the UK for less than two years will be asked to provide three months’ bank statements and three months’ payslips showing a salary paid in the UK to the applicant’s own bank account.

“In addition, our underwriters will be looking to assess that the applicant intends to stay in the UK. Additional documentation may be required to satisfy these checks,” Barclays added.

For buy-to-let lending the applicant must be a UK or European Economic Area (EEA) citizen or have permanent rights to reside in the UK and have been resident in the UK for two years or more.

The lender said all applications submitted today will be treated under this new approach even if it had been created within its system earlier.

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