You are here: Home - Mortgages - First Time Buyer - News -

Barclays makes it easier to get a bigger mortgage

0
Written by:
12/12/2018
Barclays has relaxed its criteria for mortgages that are worth five times a borrower’s income.

The lender will now provide the bigger loans to applicants who have an income of at least £30,000.

Previously only borrowers with at least £45,000 could qualify for the fives times income mortgages.

Customers must also have at least a 20% deposit or equity to be accepted for the loans.

Borrowers between 80% and 85% loan to value (LTV) need an income of at least £45,000 to access the five times income multiple.

Mortgages above 85% LTV will only be allowed a maximum multiple of four times income.

Premier and Wealth customers can get a maximum multiple of 5.5 income if at least one applicant earns £75,000, or £100,000 for joint applications.

Income multiples increasing

The Barclays changes come after data from the Bank of England showed the number of loans above four times annual income now makes up almost half of all new lending.

Last month Darlington Building Society revealed it would lend up to six times an applicant’s income on its range of professional mortgages.

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Sainsbury’s and Asda want more time to respond to competition probe

Sainsbury's and Asda have requested more time to respond to the Competition and Markets Authority’s (CMA) investigation into their proposed...

Close