Brilliant Solutions

The internet is down in our Head Office.  Staff continue to answer the phone and respond to messages but understandably response times and service standards are affected.  Please contact your Relationship Manager directly if you have any urgent issues.  Thank you.

Our office will be closed from 5pm Thursday, 20th October to 9am Friday, 21st October.
If you have any cases or enquiries that this may affect, please contact our team today. We apologise for any inconvenience.

We are currently experiencing some technical issues that are affecting our telephone lines and internet connection.

We hope to resolve this asap. Apologies for the inconvenience.

 

In honour of Her Majesty Queen Elizabeth II our offices will be closed on Monday 19th September while our staff pay their respects.

The office will re-open at 9am on Tuesday 20th September.

Barclays Update

Here are the latest updates from Barclays.  These products are available via our direct to lender mortgage club which offers you payment on completion and a lot more besides!

Important Barclays Product Update
Important updates to our BTL lending policy

Please be advised, we’re making some important changes to our Buy to Let (BTL) lending policy that are applicable to any application created within our systems from today, Tuesday 29th June.

As a reminder, we consider your client’s individual circumstances in our affordability assessment. The benefit of this is that clients can use their personal disposable income (including surplus rent from other properties) in addition to the rental income from the subject property to pass affordability.

Our overall affordability assessment will remain as a full assessment of income and expenditure, however, we will be introducing some updates to further protect your clients from leveraging their personal income too highly. Please see below for full details.

Unable to see the image above? please click here to view our maximum loan sizes by property type.

Maximum exposure limits

We have introduced a cap to subject property loan size at 10x your clients gross personal income (excludes existing rental income).

Note – Our existing policy on overall Buy to Let exposure will remain as per the current rules:

  • Buy to Let Total Exposure with Barclays to £3m and 6 Buy to Lets
  • Overall Buy to Let Total Exposure across all lenders to £4.5m and 10 Buy to Lets

Minimum ICR at a representative pay rate

Some applications may be declined moving forward if the Pay Rate ICR <100%. This will trigger where subject property rental income is not sufficient to cover a representative monthly mortgage payment.

You can use our affordability calculator to check whether your client meets our criteria and the maximum borrowing amount available before submitting a case.

Thank you for your support.

 

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