For remortgaging or additional borrowing, the maximum LTV is also 85%. The maximum LTV is 90% for houses and 85% for flats and maisonettes. A property that’s being sold for the first time by the developer, regardless of how long ago it was built or whether it’s been rented out before being sold.A property that’s been registered for two years or less.Purchase a second home or a buy-to-let property.Home buyers who want capital repayment mortgages.Home buyers purchasing their home as their only residential property.It doesn’t change your obligation to repay the mortgage.įirst-time buyers and existing homeowners can apply for the scheme, as long as they have a deposit of at least 5% of the property purchase price. The guarantee applies to the lender, allowing us to offer 95% loan-to-value mortgages. A range of fixed-rate mortgages are available, including a 5-year fixed-rate mortgage. We’re offering 95% loan-to-value mortgages with a maximum loan size of £570,000 for houses and £275,000 for flats. It’s available from 19 April 2021 until 31 December 2023 for residential mortgages on properties worth up to £600,000. The scheme helps home buyers get onto or move up the housing ladder with a minimum deposit of 5% of the property purchase price. Please refer to our lending criteria pages for more details. Mixed-use properties are not acceptable for Shared Ownership/Equity nor Buy To Let.įurther standard lending conditions will apply to mixed-use properties. Mixed-use properties are limited to 80% LTV and certain commercial uses will not be considered: Please note that properties classed as ‘Live/Work Units’ are not acceptable for either Buy to Let or Residential lending.Īt least 40% of the property must be used as the applicant's main residence and the remainder must be used exclusively by the applicant for their own business purposes. In all cases, the local authority planning classification must be solely residential. The value of the property as a residenceĪll mixed-use properties fall outside of standard policy and will be assessed by an underwriter on their individual merits.Whether the property is classified as residential under planning legislation.Whether or not the property is saleable as a residence.Whether or not the property is identifiable as a residence.This includes situations where the property itself is wholly residential but there is a commercial use of adjoining/surrounding buildings or land included in the mortgage security – such as stables or sub-let cottages. Where the loan size is >£5m, underwriters retain the discretion to reduce the maximum LTV, based upon individual circumstances.Ī property is classified as 'mixed use' if there is any element of commercial use – ie, it is used in part for non-residential purposes, such as a shop, doctor's surgery or office.The Affordability Assessment and lending for income multiples is to be based on the total advance including the addition of any fees.When calculating LTV the aggregate loan amount used should not include the capitalised Barclays product fee applicable to that application. Product availability for transactions at undervalue or where there is a builder/vendor deposit is based on the full market value.*** Product availability is based on the full market value. ** Product availability is based on the “discounted” purchase price or “share” being purchased, as appropriate. Help To Buy Equity Loan Schemes- Purchase Shared Ownership – Stair casing (partial) Shared Ownership – Re-Mortgage with Capital Raising ***85% (based on purchase price/value less equity loan) Shared Equity – Purchase, remortgage & further advance (where not repaying equity loan in full) Shared Ownership – Re-Mortgage (like-for-like) Re-Mortgage with additional lend to repay equity loan in full/ staircase to 100% (Help to buy, shared equity and shared ownership schemes) ***85% (based on “discounted” purchase price) ***95% (based on “discounted” purchase price) **85% (based on the “share” being purchased) **90% (based on the “share” being purchased) See the Mortgage Schemes section for full details of specific residential mortgage schemes supported by Barclays. Mortgages greater than £5m but less than or equal to £10m Part and Part (Part Interest Only, Part Repayment) Re-Mortgage with any additional lend for Debt ConsolidationĪdditional Borrowing (Further Advance) with any additional lend for Debt Consolidation Re-Mortgage with additional lend for capital raising The following maximum LTV criteria apply lowest LTV takes precedent:ĩ0% (see 'special schemes' table below where LTV > 90%) The loan amount used in the loan to value (LTV) calculation is the aggregate amount borrowed (including reserve) and the valuation is the lower of the purchase price and the valuation obtained.
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