Barclays Buy To Let Rental Cover

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Barclays Buy To Let Rental Cover. We have changed our lending criteria so we now conduct a personal affordability check for all applications. If the maximum rental was equal to the interest only mortgage payment for the property the rental coverage would be 100.

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Barclays is first to toughen buy-to-let tests with landlords forced to prove rent is 135 of mortgage payments. Buy-to-let mortgage applications submitted before December 7 will be assessed using the current criteria. Packaging checklist PDF 294KB.

Barclays buy-to-let mortgage is a residential investment product.

The lender will also reduce the stress test on new buy-to-let deals from 579 to. A Barclays spokesman says. Barclays is making the changes because of the cuts to mortgage tax relief announced in the summer Budget which will reduce profits for most landlords who are mortgaged. Barclays current rental cover ratio is 125.