Woolwich using annual bonuses to offer larger buy-to-let mortgages
Woolwich for Intermediaries (the broker lending arm of Barclays) is taking annual bonuses into consideration as part of its buy-to-let affordability calculations.
Earlier this year the bank amended its criteria to help wealthier borrowers with more deposable income to secure a larger buy-to-let mortgage.
To qualify, sole applicants will need a gross income of at least £75,000 (excluding the annual bonus).
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 excluding the annual bonus.
Aaron Strutt, product manager at Trinity Financial, says: “Woolwich is one of the few lenders willing to take personal income into consideration to offer larger buy-to-let mortgages. This is useful if you are struggling to secure a large enough mortgage because the rental income is tight.”
For help to secure a Barclays buy-to-let mortgage, call Trinity 020 7016 0790.