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Barclays criteria overhaul extends five times income multiple to £30k earners

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  • 21/06/2019
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Barclays criteria overhaul extends five times income multiple to £30k earners
Barclays has overhauled its criteria and affordability calculations for residential and buy-to-let borrowers.

 

This includes expanding the eligibility of its five times income multiples to those earning £30,000 or more, extending maximum loan terms and increasing new build loan to value (LTV) maximums.

In a note sent to advisers, the lender said it was making the changes “to reflect the current cost of living in the UK and will mean an even wider group of your clients could now be eligible for a Barclays mortgage.”

The changes apply to applications made today and have been reflected in updates to its affordability calculators.

 

Key changes include:

Applicants earning £30,000 can now access five times income multiples

Maximum lending terms extended to 40 years for residential repayment and 35 years for buy-to-let interest-only

Increased lending on new build up to 90 per cent LTV for houses and 85 per cent LTV for flats and maisonettes

Updated residency criteria by removing the need for residential customers to provide Permanent Rights to Reside (PRR). A minimum income of £75,000 for single applicant or £100,000 combined for joint applicants borrowing at a LTV of 75 per cent or less is required to qualify.

 

 

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