Barclays ups new build and shared ownership LTVs
Barclays Mortgages has increased the maximum loan-to-values on its new build and shared ownership products to 90% and 95% loan-to-value.
Remortgage shared ownership products will also see the max LTV increase from 85% to 90%.
Craig Hall, new build manager at Legal & General Mortgage Club, said: “This news provides further choice to customers that are seeking to purchase a new build house with a larger deposit without requiring the support of the Help to Buy scheme.
“In addition, the policy change provides further competition and choice for borrowers looking to purchase a shared ownership property, a tenure that has seen increased lender support over the last 12 months and will be welcomed by customers, intermediaries and housing associations.”
The lender is also removing the £10,000 minimum annual bonus threshold and it will accept 50% of the mortgage applicant’s annual bonus for affordability. However income multiples will still be capped in line with basic annual income plus allowances.
The loan-to-value changes on new builds and shared ownership apply to loans up to £500,000.
For new build shared ownership properties the new build LTV policy will apply.