Download the latest version of Barclay’s interest rate and housing outlook here and please see below some important criteria changes:
Message from Barclays
Please be advised that we have introduced changes to our Lending Criteria across Residential and Buy to Let (BTL) mortgages. We have provided a brief overview of the key changes below for your information.
Residential
Allowable Income and Verification (Self-Employed):
- Self-Assessment Tax Calculations prepared by an Accountant can be accepted however must be supported by the corresponding Tax Year Overview originated by HMRC.
Employment Types
- Minimum employment term reduced to 3 months (from 6)
Adverse Credit History
- An application will not be accepted if it is identified that a Limited Company in which an applicant has greater than 15% shareholding has any outstanding CCJs and/or defaults totalling more than £5000.
For more information, please visit our Residential lending criteria:
BTL
Basic Lending Terms
- BTL Rental Cover has been increased from 125% to 135%
House in Multiple Occupation (HMO)
- Whilst HMOs continue to be acceptable, providing it is not subject to any form of licensing by the Local Authority, the letting types must be to a single household with one tenancy and one tenancy agreement (e.g. individual / couple / family unit / group of students or professionals), with no more than 4 tenants under one agreement.
Allowable Income and Verification (Self-Employed):
- Self-Assessment Tax Calculations prepared by an Accountant can be accepted however must be supported by the corresponding Tax Year Overview originated by HMRC.
Employment Types
- Minimum employment term reduced to 3 months (from 6).
Adverse Credit History
- An application will not be accepted if it is identified that a Limited Company in which an applicant has greater than 15% shareholding has any outstanding CCJs and/or defaults totalling more than £5000.
For more information, please visit our BTL lending criteria:
