Barclays has sweetened criteria for mortgages aimed at shared ownership and new build buyers.
The lender has raised its new build house purchase LTV from 85 to 90 per cent on houses for loans up to £500,000.
Flats and maisonettes will remain at the current maximum LTV of 85 per cent.
Barclays has also increased its LTV cap on shared ownership loans from 85 per cent to 95 per cent on amounts up to £500,000.
The lender is also raising its cap on like-for-like shared ownership remortgage applications from 85 per cent to 90 per cent LTV.
Barclays is also removing its £10,000 minimum annual bonus threshold for residential and buy-to-let loans.
The lender will now accept 50 per cent of applicants’ sustainable annual bonus for affordability.
Legal & General Mortgage Club new build manager Craig Hall says: “This news provides further choice to customers that are seeking to purchase a new build house with a larger deposit without requiring the support of the Help to Buy scheme.”
Hooray, I have be bleating about this for ages and the message is finally sinking in. We are saying we need to build over 300,000 new homes per year, but, a large proportion of our archaic main street lenders will only go to 85% LTV on new builds, forcing a lot of would be buyers out of the picture. Well done Barclays, now hopefully some of the others will follow
Regards