Barclays loosens its interest-only mortgage criteria
Barclays has improved its lending policy for borrowers planning to take an interest-only mortgage while using the sale of their property as a repayment vehicle.
The change enables borrowers to secure up to 50% of any new mortgage on interest-only and take the remaining 25% on full capital-repayment. Previously, the bank did not offer part interest and part capital repayment mortgages above 50% loan-to-value.
Sole applicants will need to have a gross annual income of at least £75,000. Or, for joint applications, one applicant must have a gross income of at least £75,000 or a joint gross income of at least £100,000. Customers must also have £300,000 of equity in their home by the end of the mortgage term.
Barclays’ move is set to challenge Santander's dominance of the interest-only market and boost their lending figures.
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