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.
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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.