Mortgage Strategy - Barclays increases max mortgage multiple to 6x income
Barclays is increasing its maximum loan-to-income (LTI) to six times income.
It is the latest major bank to raise LTI limits after regulators recently eased rules that were restricting lenders.
Previously Barclays’ LTI was capped at 5.5 times income.
Trinity Financial product and communications director Aaron Strutt told Mortgage Strategy magazine: “Barclays is the latest big bank to start offering income stretch mortgages now that the regulator has relaxed the lending rules.
“Six times salary used to be viewed as a pretty huge income stretch but now so many of the lenders are offering 5.5 or six times single or joint salary mortgages it is getting more standard.
“Other banks and building societies will almost certainly increase their income multiples over time to keep pace with their competitors."
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