Criteria Highlights and Updates:
Non-standard income
We acknowledge now more than ever, client incomes come from various sources in addition to the traditional standard employed and self-employed income. If you’re client received non-standard income such as Benefit income (Universal Credit, PIP, maintenance, tax credits) we can consider the majority of these income sources at 100%. Client’s do not also have to have earned income in order for us to consider this, we can consider 100% benefit/non-standard income. The main exclusions to this are housing benefit, benefits in a child’s name such as disability, where there is any child related income, we can only this for children under 13.
Second Jobs
We can accept second employments for applicants providing they have a track record in this role. The underwriter will want to ensure the sustainability so will most likely look at type of second income.
Gifted Deposits
We can consider gifted deposits on Residential and Buy to Let mortgage applications. This is often from a family member however open to non-family members also such as friends, partners etc. We can also accept gifted deposits originating from outside the UK providing not from a sanctioned country. All Gifted deposits must be non-refundable.
Family Springboard
With 100% mortgages being a hot topic right now, don’t forget Barclays has its own 100% mortgage scheme named Family Springboard. This is designed for first time buyers and home movers and will allow the client to borrow between 90.01 and 100%. The customer would need a ‘helper’ (normally parent or grandparent but not exclusive to family), who would deposit 10% of the purchase price in a Helpful Starter account for 5 years and also receive interest which is currently 1.5% above bank of England base rate. It’s a great way for parents to recycle funds for multiple children and be able to earn interest in addition.
Useful Hints and Tips:
Lending Past the age of 70
We can consider Residential applications lending past the age of 70 on a case by case basis. We apply a common sense approach meaning that the underwriter has full flexibility to consider the maximum age you have recommended. As a general rule, we tend to look to go up to around 75 if the client is in a non-manual role and will continue to work. Alternatively if the client can provide pension projections, we can generally consider up to age 80. Brokers will need to upload a memo to the case detailing the justification for the term recommendation, this will help the underwriter make a clear and informed decision.
Residency (Non-PRR)
We can consider clients who haven’t got permanent rights to reside up to 90% ltv providing they have been in the UK for the past two years.
If the client has not been here for 2 years however is a high earner (£75,000 sole or £100,000 joint), we can also consider up to 75% LTV. This can work well for doctors or IT contractors that have high incomes however haven’t been here for two years.
Live Chat
All of our live chat agents are now based in either our Sunderland, Liverpool and very soon Glasgow contact centre. These are a team of experienced agents who will be able to help with any queries relating to your cases. The agents also have the facility to make an outbound call if they feel the conversation would be more beneficial and simplified over the phone. The initial feedback for this team is very positive.
Current Service Levels: 2 working days
We are seeing a number of cases go to instant offer (same day) if an automated valuation is completed and the case is fully packaged upon submission. As a result of this, our average time to offer for Residential cases has reduced by 3 working days and on BTL by 6 working days.
Sundeep Jadeja | Partnership Development Manager | Secured Borrowing | Products & Analytics
Mobile +44 (0) 7464988115 | Email: sundeep.jadeja@barclays.com