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Barclays’ CEO says bank won’t enter high LTV market

Barclays’ chief executive officer John Varley revealed last week that the bank was “not interested in lending 5 x salary”.

Varley admitted that the financial services giant would not be joining the likes of Abbey by offering a high LTV product.

Varley says that Barclays’ LTV is prudent, being just short of 40% and low by industry standards.

He says: “We are not interested in lending 5 x salary.

“We have been prudent in our lending policy. Our non-performing loans and bad debts in mortgages are ex-tremely low.”

But Varley is positive about the housing market in general.

He says: “I regard the democratisation of home ownership in the UK as one of the great success stories of the past few years.

“One of the reasons why people have borrowed a lot recently is because they have become wealthier due to rising house prices. That is perfectly understandable and in my view is a good development.”

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