Barclays Wealth & Investments has introduced a new mortgage range focused on UK entrepreneurs and high growth business founders.
The new service aims to help entrepreneurs seeking a mortgage, by addressing the problem of some entrepreneurs whose existing salary do not support their ability to repay a mortgage.
In order to determine eligibility of mortgage-seeking entrepreneurs, the service will consider cash-flow from their business and investment income, and their monthly salary. Moreover, the company will lend up to five times the total combined income to entrepreneurs.
Barclays Wealth & Investments CEO Dena Brumpton said: “We recognise the sacrifices that entrepreneurs make in order to create the wealth, employment and successful businesses of the future. But to date far too many have either been declined a mortgage that they can afford to repay, or have had to pay significantly higher rates with secondary lenders.
“Many entrepreneurs are focused on the immediate growth of their business, choosing not to take a large salary during the early stages. However, they may also have other forms of income or cash-flow that mean they are able to repay a mortgage for the home they really want.”
Applications from entrepreneurs having two years trading accounts will also be considered, the bank said.
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Barclays Mortgages head Raheel Ahmed said: “We are here to help and support our clients move forward and believe we’re uniquely placed to help entrepreneurs by offering end to end services from business banking to mortgages to wealth management.
“With the creation of wealth increasingly coming from entrepreneurs, we should be making it easier for them to buy a home and that is why we have worked with our Wealth business to develop an entirely new form of personalised mortgage proposition.”