Barclays Mortgages improves income multiple criteria

Published on

Barclays Mortgages is increasing the maximum income multiples for people earning up to £50,000.

The lender has removed the four times multiple limit on mortgages with an LTV between 85% and 90%.

All customers in this LTV range will now have access to a 4.49x income multiple

The full changes are as follows:

Scenario Maximum income multiple
1 Income of >/= £55,000 5.00x
2 Income of < £55,000 4.49x
3 LTV greater than 85% 4.49x
4 LTV greater than 90% and income </= £50,000 4.00x
5 Debt to income ratio >/= 20% 4.00x

The following multiples apply for specialist schemes

Family Springboard: a maximum multiple of 5.5x applies for incomes above £50,000

Premier and Wealth clients: up to a maximum multiple of 5.5x applies for repayment loans where at least one applicant earns a basic income of £75,000 or more (£100,000 for joint applications where neither applicant earns £75,000). To qualify for 5.5x customers must meet all other criteria for the maximum standard 5.0x multiple

Help to Buy schemes: a maximum multiple of 4.49x already applies

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

First-time buyer support tops Gen Z priorities

Support for building new homes locally is almost twice as high as opposition while...

Target Group appoints former Equiniti chief Paul Lynam to board

Target Group has appointed financial services veteran Paul Lynam as a non-executive director. Lynam (pictured)...

HSBC UK to examine economic shocks and mortgage rates in adviser webinars

HSBC UK will hold two webinars for mortgage intermediaries examining how political and economic...

Emergency savings searches surge as households face income pressures

Online searches for "emergency savings" rose by 950% year on year as households considered...

Young homeowners turn to 40-year mortgages to manage costs

Two-thirds of mortgage holders aged under 30 have taken loans lasting between 30 and...

Latest publication

Other news

First-time buyer support tops Gen Z priorities

Support for building new homes locally is almost twice as high as opposition while...

Target Group appoints former Equiniti chief Paul Lynam to board

Target Group has appointed financial services veteran Paul Lynam as a non-executive director. Lynam (pictured)...

HSBC UK to examine economic shocks and mortgage rates in adviser webinars

HSBC UK will hold two webinars for mortgage intermediaries examining how political and economic...