21 July 2017
Barclays have announced that they will now be able to support even more clients with their refinancing and additional borrowing needs.
- They have increased the maximum LTV on remortgage with additional borrowing and further advance for existing customers from 80% to 85%.
- For existing Barclays mortgage customers (excluding Buy to Let) requesting a Further Advance (additional borrowing), they will now lend up to a maximum LTV of 85%.
- For re-mortgage and part staircasing on Special Schemes, they will now lend up to a maximum LTV of 85%* of the share owned for Shared Equity and Shared Ownership customers.
- For Help to Buy Equity Loan customers a maximum LTV of 85%* of the current market value applies, whether the Equity loan is due to be repaid in part or full.
- For Shared Equity customers fully repaying the Equity loan, or Shared Ownership customers staircasing to 100% ownership, they will lend up to a maximum of 90%* LTV.
*Where any additional borrowing is to be used for Debt Consolidation, the maximum LTV is limited to 80% in all instances.
Buy to Let Remortgaging
They are changing the minimum period a borrower must have owned their property before a BTL re-mortgage is considered. The applicant must have owned the property for a minimum of 6 months before a re-mortgage will be considered. This is a reduction from their previous requirement of 12 months.