Barclays loosens interest-only criteria
Customers can now borrow up to 75% loan to value of the property with a maximum of 50% LTV on an interest-only basis, providing they meet the minimum income criteria.
Previously interest-only borrowers could only take out a maximum 50% LTV.
Sole applicants require an annual income in excess of £75,000, while joint applicants need £100,000 as a pair or one of the borrowers requires £75,000.
Mortgage customers need to have £300,000 worth of equity in the property after the interest-only segment is taken into account.