Buy to Let

Barclays goes live with portfolio lending changes next week and cuts product rates

Barclays has confirmed it will continue to serve the portfolio landlord market and revealed the changes it has made to its application process.

The lender is also launching products for its residential and buy-to-let product ranges and cutting rates.

In addition to its current portfolio policy, Barclays will require all landlord applicants with four or more mortgaged properties to submit a property schedule with all mortgage applications.

Barclays director of mortgages Craig Calder said: “We already assess buy-to-let affordability by carrying out a complete assessment.

“This means minimal change to our existing application process or criteria for landlord customers who have four mortgaged rental properties or more. From Tuesday 19 September, we’ll ask for a property schedule to be completed, which contains the additional information our specialist underwriters need to assess such applications.

“In what’s been an unprecedented period of change for the buy-to-let sector, we have worked hard to minimize disruption and maintain a market leading offering. We continue to remain committed to the sector, our landlord customers and to our intermediary partners,” he added.


Product refresh

The bank’s new products include introducing a 1.09% two-year fixed loan with £999 product fee, and a 1.45% two-year fixed, fee-free mortgage, both available up to 60% per cent loan-to-value (LTV) for loans from £5,000 to £500,000 for purchase and remortgage.

“Autumn is set to be a busy period in the mortgage market, particularly within the remortgage sector, as many customers look to secure their mortgage before the festive season begins,” Calder continued.

“We are very pleased to confirm the launch of these new products which coupled with the rate reductions that we are also making, will further enhance our already competitive mortgage product range,” he added.

Barclays is also reducing rates and amending the minimum and maximum loan sizes and product fees on a number of other products across its residential, buy-to-let and reward ranges.  

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