![]() ![]() Non-UK residents who do not have an existing Barclays BTL mortgage.SPV Limited Companies or LLPs who are not existing Woolwich BTL customers.Private individuals with diplomatic immunity.Existing Barclays Limited Liability Partnership (LLP) customers. ![]() Existing Barclays Special Purpose Vehicle (SPV) Limited Company customers. ![]() (For non-UK residents only those who already hold a Barclays BTL mortgage). All applicants need to declare their allowable income from all sources, and give us sufficient evidence to support the lending proposition, where we’ve asked for this. This applies to both personal covenant and the assessment of personal solvency. See the income types we allow and the verification requirements . Income from self-employment - please note that rental income generated from a property portfolio can not be used.Unearned income from Trust funds/ Investments.Gross income can be made up from the following: For joint applications, at least one applicant must earn £25,000.įor individual loans above £1m a minimum gross annual personal/earned income of £75,000 per annum is required (for joint applications, the two primary applicants must earn £100,000 where neither applicant earns £75,000). Your applicant must have a minimum gross annual income of £25,000. NOTE: For further advance borrowing, the affordability rate current at the time of assessment must be applied to the total borrowing after accounting for any increase in lending.īTL applications in a sole name, which fail solvency, can be considered where a joint residential mortgage – with no evidence of arrears history – is held by Barclays. However, where historic, underwriters can consider such mortgage requests, provided clear rationale is provided to support any lending decision.Īll applicants are required to pass an income affordability test which includes earned and rental income, income tax liability (including BTL mortgage interest relief), credit commitments including residential mortgage payment, existing and applied for BTL mortgage payment, other costs associated with the rental property, essential expenditure and living costs. In all instances, you should check client affordability prior to submitting a case by completing the BTL affordability calculator.įull details must be input in MAX including all outstanding residential and/or other Buy to Let mortgages. A maximum of 4 applicants will be assessed if an affordability assessment is required, although we only consider the 2 highest incomes. Lines are open Monday to Friday, 9am-5pm.Īny applicant who is known to have had any mortgaged property repossessed should normally be declined. If this is the case, please contact the Intermediary Business Centre on 03 * to discuss whether we will be able to assist. However, this decision could be changed if there is an acceptable 'technical' reason, or if evidence of a settled dispute is provided and verified by the lender. If arrears of more than one month have occurred in the past 6 months or 3 months' arrears have occurred in the past 2 years, the case is outside lending policy and is to be declined. If payment arrangements are identified in the credit search that are still running or have ended less than 1 year prior to the time of application, the case must be declined. Arrears of 2 or more months on any one account in the past 6 months.It is not acceptable to lend if we are aware that any applicant is currently bankrupt or subject to a DRO or IVA.Īny adverse credit identified, as detailed below, must be declined ![]() Lending to a customer with a history of bankruptcy or who has been the subject of a Debt Relief Order (DRO) or an Individual Voluntary Arrangement (IVA) can be considered, provided any bankruptcy, DRO or IVA was registered more than 6 years prior to the date of submission of any mortgage application and no longer shows on the credit reference bureau information. *Includes partially settled defaults which will be referred out to check whether full and final settlement has been made.Īpplications can be considered where the above is identified but only where documentary evidence of a settled dispute has been provided by the customer.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |