Great news as main bank offers 5.5 times income via mortgage brokers
From 11th of October Barclays for Intermediaries will be offering a 5.5 times income multiple mortgages for the following selected clients:
- Mortgages must be taken on a “repayment” basis
- Single applicants must earn at least £75,000 per annum
- Joint applicants must collectively earn £100,000 per annum between them
- Must have at least 15% deposit
Previously this enhanced income multiple was only available to Barclays Premier customers so this change makes it much more accessible.
There is a word of caution with the Barclays deal, and that is they run a separate affordability check alongside the income multiple, and will take the lower of the two figures. The affordability check will factor in key components such as dependents and committed outgoings, and you should seek professional mortgage guidance.
Barclays joins a growing bank of Mortgage Lenders that will potentially lend beyond 5 times income used by Niche Advice when finding suitable mortgages for customers looking for the maximum borrowing. To find out more on mortgage affordability rules why not watch our video, and/or complete our Mortgage affordability & criteria checker form.