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Criteria changes this week...


Coventry for intermediaries launches 95% LTV mortgages.

Coventry for intermediaries has today launched a range of mortgages for borrowers with just a 5% deposit. The new mortgages are fixed for 5 years and have a maximum loan size of £400,000, even for first time buyers.

The 95% LTV* range is available for purchase and further borrowing, and includes a standard valuation up to £670 as well as fee-free options.  There’s also a £500 cashback incentive on selected products.

To see the full product range, visit coventryforintermediaries.co.uk.

Barclays reminder: Significant changes in 2019

Don’t forget – they made a number of significant changes in 2019 that will really support you and your clients in 2020

  • Your clients earning £30k can now access Barclays 5x income multiples and your repayment clients with a sole income of £75k or a joint income of £100k are now able to access their 5.5x income multiples.
  • They extended their maximum lending terms to 40 years for Residential repayment mortgages and 35 years for Buy to Let Interest Only.
  • Barclays increased the maximum lending term and affordability assessment on their Family Springboard Mortgage from 25 to 35 years.
  • They updated affordability calculations for both Residential and Buy to Let applications to better reflect the current cost of living in the UK meaning an even wider group of your clients could now be eligible for a Barclays mortgages
  • They also increased their MAX lending on houses > 85% LTV to £500k and they now lend up to 90% LTV on houses for your Help to Buy remortgage clients looking to pay-off their Equity Loan in full.
  • They expanded their automated valuation model to include qualifying Buy to Let remortgage applications, further reducing the time to offer for your clients invested in the rental market.

Get in touch with your Barclays Support Team today to find out more about how Barclays can help you and your clients in 2020.

Foundation’s maximum loan sizes and rental calculations.

Summary of changes:

  1. Max loans

2. Rental calculation for BTL individual application

  • 2 year rate – Low rate tax payer 125% x 5.5
  • 2 year rate – High rate tax payer 145% x 5.5
  • 5 year rate – Low rate tax payer 125% x pay-rate
  • 5 year rate – High rate tax payer 145% x pay-rate