Barclays Update

Buy to Let mortgage product change

Further to the positive changes confirmed last week across our Residential ranges, we’re now pleased to confirm we’re making reductions to a selection of 2 and 5 year fixed rate products across our existing Buy to Let Purchase, Remortgage and Reward ranges, effective tomorrow, Wednesday 8th September, 2021.

Data from UK Finance shows BTL landlords completed 15,200 new loans in June, the largest monthly volume of purchases since 2016. With demand predicated to remain strong, even with the end of the stamp duty period, BTL remains a key focus for Barclays so in addition to the product reductions confirmed below, here are some key reminders as to why you should consider us when recommending a lender to your clients.

• We consider first time buyers, non-owner occupiers as well as first time landlords
• Our affordability is calculated on earned and rental income
• Our BTL calculator will give you an instant indication of affordability
• We’ll lend max £2m per individual property up to ≤ 60% LTV and max £1m if LTV > £60%
• Maximum aggregate borrowing across all Barclays BTLs is £3m
• Maximum aggregate Buy to Let borrowing with Barclays AND other lenders is £4.5M in total
• The maximum number of mortgaged BTL/PTL properties held must not exceed 6 with Barclays and must not exceed 10 across all lenders (including Barclays). This includes the subject (applied for) property  
• We offer products for Portfolio Landlords who we define as those with four mortgaged rental properties or more across all lenders. This includes the subject property

Please see below for details of all product changes.

Buy to Let Purchase

• 1.90% 5 Year Fixed £1295 fee, 75% LTV, Loans £35K – £1m reducing to 1.77%

   Buy to Let Remortgage

• 1.23% 2 Year Fixed £1795 fee, 60% LTV, Loans £35k – £1m reducing to 1.16%

 Buy to Let Purchase and Remortgage

• 1.95% 2 Year Fixed £0 fee, 60% LTV, Loans £35k – £1m reducing to 1.73%
• 2.00% 2 Year Fixed £0 fee, 75% LTV, Loans £35k – £1m reducing to 1.92%
• 2.18% 5 Year Fixed £0 fee, 75% LTV, Loans £35k – £1m reducing to 2.06%

Reward range – product transfer and further borrowing

• 1.23% 2 Year Fixed £1795 fee, 65% LTV, Loans £5k – £1m reducing to 1.16%
• 1.95% 2 Year Fixed £0 fee, 65% LTV, Loans £5k – £1m  reducing to 1.73%
• 1.98% 2 Year Fixed £0 fee, 75% LTV, Loans £5k – £1m reducing to 1.92%
• 2.18% 5 Year Fixed £0 fee, 75% LTV, Loans £5k – £1m  reducing to 2.06%

Please see our new Intermediary and Reward rate sheets, to view the full range of Barclays mortgage products, effective from tomorrow.

Key product change timings*

• Existing products: Final date for generating a Mortgage Information Sheet (MIS) Tuesday 7th September, 2021
• Last rate switch (product transfer) applications on existing Reward range products: Wednesday 8th September, 2021
• Last new lending applications on existing products: Thursday 16th September, 2021