Barclays make changes to their buy to let lending policy

by Aaron Strutt

Mar 19 2013

Barclays will be making changes to their buy to let lending criteria and landlords will not be able to take out as many buy to let mortgages with them. The following changes will soon be put into place:

• Maximum buy to let properties - A maximum number of four Woolwich Buy-To-Let properties can be held by any applicant. If an applicant already has four or more properties then their current properties are unaffected but they will be unable to borrow further
• Maximum borrowing - The maximum aggregate borrowing across all Woolwich BTLs will now be £3 million.
• Residential Status/Tied accommodation - It's acceptable to lend to a customer where they don't already own a residential property when they have accommodation provided as part of their employment terms i.e. Vicar, School Caretaker, Tenant Farmer, and they can provide sufficient evidence to show this.
• Income from all borrowers declared - Total income from all applicants must be declared on the application, with sufficient income being evidenced to support the total lending proposition.

If you are a landlord looking to buy more investment properties, Trinity Financial can help.  Our aim is to make the whole process of securing you a mortgage as smooth and straightforward as possible. We will find the best lender and mortgage rate to suit you. We will also explain the options available and why we feel a particular lender is the best. Call us on 020 7016 0790.