Barclays trims lending rates

Barclays has introduced marginal rate cuts across some of its buy-to-let mortgage products.

The biggest cut in its buy-to-let range is a two-year fixed-rate buy-to-let loan, available at 60% loan-to-value (LTV), which has been cut from 2.28% to 2.21%.

The product, which has no upfront fee, is available at a maximum loan of £1m.

The lender is also offering a two-year fix at 60% LTV with a £1,795 fee, which has seen its rate reduced from 1.47% to 1.42%. Both these loans are available for purchase or remortgage.

Barclays has also made reductions to its five-year buy-to-let loan, albeit at a far smaller cut of just 0.01% to 0.03% depending on the product type.

Fresh research from Moneyfacts.co.uk reveals that buy-to-let mortgage costs have started to fall.

It found that the average that the average cost of a two-year fixed rate buy-to-let mortgage in the second quarter of 2019 dropped 0.1% from 3.11% at the start of the year to an existing rate of 3.01%.

There has also been a drop in the average rate for both three-year fixed and five-year fixed buy-to-let mortgage products.

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