Barclays broadens green mortgage availability and adjusts bonus assessment

Barclays broadens green mortgage availability and adjusts bonus assessment

 

Properties must have an energy efficiency rating of 81 or higher, or fall within energy efficiency band A or B. 

For homes that are still under construction, a predicted energy assessment (PEA) document must be provided. 

Barclays Green Home mortgages have lower rates than its standard range, including a two-year fixed Help to Buy product at 75 per cent loan to value (LTV) priced at 1.74 per cent, compared to the standard alternative which is priced at 1.79 per cent. 

The two-year fixed fee-free green mortgage at 90 per cent LTV is set to 3.62 per cent, compared to the standard offering’s rate of 3.72 per cent. 

  

Updated bonus policy   

The bank also revised its bonus policy to consider 50 per cent of quarterly or annual bonuses for affordability assessments, up from the 25 per cent previously. 

Customers and brokers do not need to do anything differently when recording bonuses during an application as Barclays’ system will automatically apply the calculation. 

For income multiples, 100 per cent of annual and quarterly bonuses will continue to be considered. 

These changes apply from today.