Barclays limits mortgage lending to 4.5 times income
Barclays has capped all mortgage applications to a maximum of 4.5 times income.
Previously, the bank was one of the most generous in the industry and offered borrowers with a good credit score mortgages up to 5.5 times their salary.
Aaron Strutt, product manager at Trinity Financial, says: “Barclays is clearly trying to step back from offering such generous mortgages but their policy change is one of the toughest yet.
“A host of lenders are still offering to lend up to five times both single and joint salaries, but their rates are not necessarily as keenly priced.”
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