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Barclays cuts buy-to-let rates

Barclays has reduced its buy-to-let rates, with two-year fixed rate deals now starting from 1.5% up to 60% loan-to-value (LTV).

There is also a 75% LTV two-year deal available at 1.79%, which like the 60% LTV deal comes with a £1,950 arrangement fee.

Buy-to-let investors looking for a longer term deal will find that there are also five-year fixed rate products available at 2.19% to 60% LTV and 2.57% to 75% LTV, both with a £1,950 fee.

These buy-to-let products are available for both purchase and remortgages.

Despite the recent Bank of England base rate rise, lenders, including Barclays, are desperately trying to remain competitive in their buy-to-let pricing in order to attract fresh business.

David Hollingworth, associate director at London & Country Mortgages, told the press: “Although the base rate increased in August, the level of competition in the market continues to offer landlords the opportunity to protect against any future increases through well priced fixed rate options.

“The base rate increase had been widely expected so has not forced rates to spike and indeed the fiercely competitive market continues to see lenders rethinking their pricing and often sharpening up the mortgage deals on offer.”


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