Barclays has made a change to its income multiple criteria that, it says, will make it easier for customers to access higher income multiple mortgages.
Barclays has lowered the minimum income required for its five times income multiple criteria from £45,000 to £30,000, available up to a maximum 80 per cent loan-to-value. It says the change allows it to support customers whilst pursuing a prudent lending approach.
All other Barclays loan-to-income criteria is staying the same, including customers between 80.01 per cent and 85 per cent LTV requiring a minimum income of £45,000 to access a five times income multiple loans.
Different income multiples apply for Family Springboard mortgages where a maximum multiple of 5.5 times income applies for incomes above £50,000. A maximum multiple of 4.49 times income applies to Help To Buy customers.