More lenders move to 5.5 income rule as standard criteria

Excellent news for mortgage applicants as yet another bank offers 5.5 income through mortgage brokers.

From the 11th of October, Barclays for Intermediaries will now offer mortgages of 5.5 times annual income for a select number of clients. This includes:

• Mortgages taken out on a repayment basis
• Single applicants earning over £75,000 per year
• Joint applicants earning over £100,000 per year
• Applicants with a 15% deposit or more

In the past, this enhanced income multiple was only available to customers of Barclays Premier. This move will make larger mortgages available for more applicants.

Barclays issued a word of warning to applicants, noting that additional affordability checks will be required. The lower of the two figures will be taken, so this is not a guarantee of a 5.5 times income multiple. These affordability checks factor in things like dependents and existing outgoings.

Barclays joins a growing list of mortgage providers willing to extend beyond five times annual income for their lending. Niche Mortgage Info helps to connect interested borrowers with lenders most likely to accept their application. We can help you to maximise your mortgage borrowing and secure an excellent rate on your application.