Barclays interest only mortgage criteria update announced.
After reviewing its residential mortgage lending criteria, Barclays has taken the decision to expand its interest-only part and part lending on the sale of property as a repayment vehicle.
Previously where property sale of property was to repay the mortgage a maximum 50% LTV applied.
After its recent product review customers who meet the lender’s minimum income criteria will be offered terms based on up to 75% LTV with 50% LTV as interest only.
To qualify for this mortgage sole applicants need a minimum gross income £75,000. For joint applications, the joint gross income needs to be a minimum of £100,000 or one applicant must have a gross income of £75,000
In addition there needs to be a minimum of 50% of equity in the property after the interest only element of the lending.
If you are interested in borrowing on an interest-only basis and would like to review the products that are on offer market-wide call us at Deal Direct on 0800 048 8828.
We can review the most competitive mortgages on available for your deposit level to find you the most competitive deal for your circumstances.
For independent advice,
and a whole of market review,
call us today on 0800 048 8828.
