Barclays Mortgages improves income multiple criteria

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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

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