Barclays has reduced rates on buy-to-let and residential products, as part of a wider revamp of its product range, with BTL loans now available up to £2m at a maximum 60% loan-to-value (LTV), with a £500 cashback option on some packages and a free legal option on remortgages at 60% and 70% LTV.
Higher-value borrowers at £500,000 to £2m now have the option of a two-year fixed rate deal at 1.54% and a five-year fix at 2.24%, both of which are available up to 60% LTV and come with a £1,950 fee.
Adrian Kidd, IFA at London-based Radcliffe and Newlands, said: “These rates for buy-to-let are stunning. It is just great for a client if you can meet the criteria to get that sort of rate.
“For now, the mortgage gravy train continues to roll on. I can’t see anything in the next quarter that derails that. I expect to see others saying they will cut rates again.”
The changes Barclays are making will further strengthen their mortgage proposition by offering their comprehensive suite of buy-to-let and residential products to an even wider range of mortgage customers, according to Craig Calder, director of Barclays Mortgages.