Barclays improves loan to income lending levels.
Barclays has announced that after a recent review of its lending policy, it has taken the decision to improve accepted loan to income levels.
The threshold at which the lender's 5 times income multiple cap applies has been reduced.
The change now means that for lending above £200,000, applicants can now apply for a mortgage 5 times their income. This is a £100,000 improvement on the £300,000 level previously applied.
The lender advises that all other income multiple limits remain unchanged and that the highest income multiple for lending below £200,000 is set at 4.49 times income.
On applications for deals where the loan to value level is above 85% and the applicant's income is more than £50,000, the maximum loan to income limit 4.49 times. This drops to 4 times where applicant's income falls below £50,000.
For borrowers wishing to apply for a Help to Buy or Family Springboard deal LTI is set at 4 times.
All applications will be assessed according to the lender's usual affordability requirements.
If you are looking for a mortgage contact us at Deal Direct. We are up to date on all lenders mortgage criteria and can match you with the right mortgage at the right rate for your circumstances. We know exactly who will lend to you and how much they will advance.
For a 'whole of market' review call us on 0800 048 8828. Our product review is made on a 'like for like' basis which means you can rest assured you end up with the most competitive product for your deposit and personal financial circumstances.
For advice and a low rate quote,
call us today on 0800 048 8828.
