Barclays changes its five times salary mortgage policy again
Barclays has eased its acceptance criteria once again and is now offering to lend up to five times salary for mortgages over £200,000.
The bank's latest policy change enables borrowers looking for £200,000-plus mortgages to borrow five times both single and joint salaries. In March, Barclays increased the maximum mortgage income multiple for loans over £300,000 to five times salary.
The lender has different income multiples depending on the type of borrower. For example, where lending is up to £300,000 (or over 85% LTV) the mortgage will be capped at 4.49 times income.
There is also a cap of 4.4 times income for Help to Buy mortgages, or a limit of 4 times salary for loans above 85% LTV where the income is less than £50,000.
A spokesman for Barclays told Mortgage Strategy magazine: “Following a regular review of our lending criteria we have decided to broaden our policies.
”This change builds on our recent expansion of our affordability criteria and interest-only offerings to help more customers, whether they are buying a home or remortgaging from another lender.”
For help to secure a five times salary mortgage, call Trinity on 020 7016 0790
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