Barclays offering five-times salary for £300,000 plus mortgages again
Barclays has loosened its loan-to-income criteria for mortgages over £300,000 following a review of its acceptance policy.
After initially tightening income multiples and reducing the amount of income stretches it offers, the lender has decided to provide five-times salary for borrowers requiring larger mortgage loans.
Previously, most of Barclays' standard lending was capped at 4.5 times salary.
Aaron Strutt, product manager at Trinity Financial, says: “It is good news that Barclays has reversed its decision to tighten all mortgage lending and step back in line with some of its major competitors. They previously offered up to 5.5 times salary to some borrowers.
“The lender has quite a complicated affordability structure and the amount you can borrow ranges between four and five times both single and joint salaries.”
A spokesman for Barclays told Mortgage Strategy magazine: “This change is part of our on-going business planning and something we always keep under review.”
If you would like help to secure a five-times salary mortgage, call Trinity on 020 7016 0790.
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