Barclays has made changes to its mortgage affordability criteria that will enable some homebuyers and remortgagors to borrow more, with a family potentially able to access up to £30,750 in additional borrowing, subject to individual circumstances.
The enhanced affordability rates apply to residential purchase and remortgage applications and are aimed at improving access to home ownership in a challenging economic environment.
Lee Chiswell, head of mortgages at Barclays, said: “We are delighted to increase the amount we can lend to customers looking to buy a home.
“We know there are many challenges facing people right now, whether it’s a first-time buyer trying to pull a deposit together or a family looking to move house. Improving our affordability rates could help make many customers’ dream home a reality, while continuing to have strong measures in place to ensure that they can make payments on their mortgage.”
This is the latest in a series of initiatives from Barclays aimed at supporting buyers. These include its ‘Mortgage Boost’ product, which allows family and friends to help increase borrowing capacity without directly gifting or lending money, and a zero-deposit mortgage option for Right to Buy applicants.
The bank also recently raised its maximum loan amounts for high loan-to-value purchases. Borrowers can now access loans of up to £640,000 for houses and £310,000 for flats with just a 10% deposit, helping more buyers access homes in higher price brackets.
