Lender changes 5x salary mortgage criteria
Barclays has increased the minimum income it requires borrowers to earn to qualify for 5x salary mortgages.
Applicants will now require a salary of £55,000 or more for sole or joint applications for a 5x salary income multiple. The previous qualification income was £45,000.
Aaron Strutt, product director at Trinity Financial, says: “There are host of banks and building societies offering 5x salary mortgages for purchase and remortgage applications.
“The lenders use mortgage affordability calculations to work the maximum loan size so if you have financial commitments like credit cards or loans, they will probably reduce the amount they will lend.”
Barclays is still offering its Premier and Wealth customers up to a maximum of 5.5x salary mortgages, although applicants will need an annual gross income of £75,000 or more, alternatively have £100,000 saved or invested with the bank.
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