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Barclays for Intermediaries has reintroduced its 5 and 5.5 times single and joint salary mortgages in a positive move for the market.  

The bank pulled its income stretch options in September last year when the lender was close to breaching the Prudential Regulation Authority's rules. This was following the instability of mortgage completions caused by the coronavirus pandemic. 

Barclays offers 5 and 5.5 times salary income multiples to borrowers earning at least  £75,000 or £100,000 combined. However, if on a joint application one person earns £75,000 and say the other earns £15,000, that still qualifies them for the 5.5 times salary multiple.

To qualify for the more generous mortgages applicants will need a 20% deposit and a good credit score. If they do not meet the minimum income and deposit requirements, the income multiple is reduced to 4.49 x salary. 

More lenders have restarted offering better income multiples, and it is not so hard to borrow 5 times salary. Santander is another leading lenders offering 5.5 times salary to borrowers earning over £100,000 with a 25% deposit. 

Aaron Strutt, product director at Trinity Financial, says: "It is still good news that Barclays has eased its criteria and started offering these income multiples again, it was possible to borrow between five and 5.5 times salary before this change, but it was getting harder.

"Santander is one of the more generous lenders, but the likes of Kensington and Market Harborough Building Society provide five times salary mortgages to those earning over £100,000."

Platform for Intermediaries is part of The Co-operative Bank, and it is offering 5.5 times salary mortgages to professionals including fully qualified, registered and practising Solicitors, Barristers, Medical Doctors, Pharmacists, Accountants, Actuaries, Vets, Optometrists and Dentists who want to buy their first home or move property. They must have qualified within the last five years.

The minimum income requirement for the professional applicant is £35,000, joint applications are acceptable, but at least one applicant must be a professional, and the professional must meet the minimum requirement. 

Barclays for Intermediaries latest mortgage affordability calculation table: 

Source: Barclays for Intermediaries

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